What is PACE financing?
Property Assessed Clean Energy (PACE) is financing that allows property owners to pay for upgrades that increase energy efficiency, harness renewable energy, conserve water, and protect against storms.
Is PACE a loan?
PACE is not a loan. PACE financing provides upfront money for energy efficient improvements that is repaid over time (with a low interest rate). PACE financing uses the property as collateral; a first priority lien will be placed on the property, ahead of other liens including mortgages. The financing is repaid over the financing term through your property taxes making it a property assessment instead of a loan.
Is PACE a government incentive or discount program?
No. PACE programs are made possible by state legislation and approved by local governments. However, PACE financing is not a government incentive or subsidy program. PACE does not provide any special discounts, government funding, or payment forgiveness to those who opt to use it.
What determines my eligibility for PACE?
PACE eligibility is based on a variety of factors, primarily the amount of equity you have in your home and your mortgage payment history.
Why is PACE a good financing option?
PACE is an innovative form of financing that offers a range of benefits not available through traditional financing options. Learn more about the benefits of PACE below.
Does not affect your credit score
Low interest rates (regardless of credit score)
Spread cost over life of upgrade (up to 30 years)
Payment to contractor only once project is complete
- Traditional Loan & Mortgage
- Credit Card & Unsecured Credit
What projects qualify for PACE?
Over a hundred home and commercial improvement projects qualify for PACE financing.