Everyone always seems to talk about going green. Most people, however, never mention the cost associated with this endeavor, just the potential savings. While economically savvy in the long run, green solutions can have high upfront costs that make them unattainable for the everyman. Luckily, a new financing program, Renew PACE, has emerged to help many Floridians make environmentally friendly home renovations an option.
PACE allows you to borrow up to 20% of your home’s value. PACE works with contractors, like us, to help you purchase and install energy efficient products like air conditioners, duct insulation, and more. After getting an estimate on the energy efficient product of your choice, you can apply to PACE’s financing program. Once you’re approved, our technicians will come out and install your equipment.
Qualifying is easy! PACE is open to all homeowners (in the PACE service area) that (1) have had no late property tax payments in the last 36 months and (2) have made 11 of the last 12 mortgage payments. PACE repayment is done through property taxes, so it does not appear in your credit report and doesn’t follow you to a new home. Other benefits of PACE included:
- 100% government-backed financing
- True fixed interest rate (usually between 6-10%)
- Capitalized interest applied to overall amount, not first payment
- Acceptance not credit score-driven
- Low monthly rate
- Up to 15-year repayment plan
- No prepayment penalty
- Only uses stated income
- Higher-efficiency systems can cut monthly energy bills by up to 35%
- Balance transfers to new owners with sale of home
If you’re interested in creating a more efficient and environmentally friendly home, contact us today to discuss which products may be right for you home. Our technicians can give you an estimate right away. You can learn more about the PACE financing program, participating areas and see a list of eligible products by visiting their website.