There are many reasons to go green: tax incentives, reducing environmental impact, reducing energy costs, etc. Unfortunately, for many people, buying energy efficient products is not possible because of their high price tag. Now, thanks to Renew Financial, creating a more energy efficient home is a reality for many Floridians. Renew Financial’s Property Assessed Clean Energy (PACE) program allows homeowners to purchase energy efficient, high quality products.
Do I qualify?
Qualifying for PACE requires homeowners to own a property that requires the payment of property tax (this includes mobile homes and condos). They must have paid the last 11 out of 12 mortgage payments and have no late property tax payments for the last three years. Credit is not a disqualifying factor.
How does it work?
A Renew-partnered contractor, like Lindstrom Air, can give you an estimate on whichever qualifying PACE products you desire. With that estimate you apply for Renew financing and, once approved, we’ll install your energy-efficient equipment. You begin repayment with your next year’s property taxes.
What are the benefits of financing through the PACE program?
- 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
- Financed amount won’t appear on credit report
- 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
What types of products can I get through PACE?
PACE covers a wide array of products. Most products that are energy efficient, use renewable energy, or are wind resistant qualify for financing. Over 60 types of products qualify including:
- Air conditioners
- Foam insulation
- Solar panels
For more information on the PACE program contact us today or visit renewfinancial.com/renewpace. We’d love to help you increase the energy efficiency of your home and decrease your energy costs, today.