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Financing

PACE – which stands for Property Assessed

Clean Energy – is a long term, fixed-rate source of financing.

Florida PACE Programs

PACE – which stands for Property Assessed Clean Energy – is a long term, fixed-rate source of financing. It allows homeowners to carry out energy conservation and hurricane mitigating improvements to their properties. PACE covers all costs associated with carrying these projects out – from sourcing the relevant equipment and materials, to hiring labour.

The two types of PACE programs are as follows:

Residential PACE (R-PACE)

This covers 1 to 4 residential properties or family homes

Commercial Pace (C-PACE)

This covers multifamily homes of 5 or more properties, retail, hotels, industrial, and other commercial properties.

PACE eligible projects

Eligible improvements include energy efficiency, water conservation, renewable energy generation, and upgrades to improve resilience against hurricanes. This means that you can get financial assistance for anything from air conditioners to roofs, windows and doors!

Florida PACE Lenders

Ygrene Energy Fund

Ygrene Energy Fund is the nation’s leading multi-state provider of residential and commercial property assessed clean energy financing. This program provides immediately accessible financing with no upfront costs for energy efficiency, renewables, and, in certain areas, water conservation, hurricane protection, electric vehicle charging stations and seismic upgrades.

For more information about Ygrene:

Renew PACE

This is a program of the Florida Green Finance Authority, a partnership of local governments from across Florida. In partnership with multiple banks and financial institutions, they offer the only Open Market-based PACE finance program in Florida to help residential and commercial property owners finance energy efficiency, renewable energy and wind resistance improvements. They also offer businesses tools to make their operations more sustainable, protect consumers and have received recognition for their achievements.

For more information about Renew PACE:

The Alliance NRG ProgramTM

This is the residential PACE program and Counterpointe SRETM Program is the commercial PACE program offered by the Florida PACE Funding Agency. The Alliance NRG Program and the Counterpointe SRE Program offer a simple and competitive financing solution for energy efficiency and conservation, renewable energy and wind resistance improvements. Both Programs offer 100% financing at competitive fixed rates over the useful life of the improvements, up to 30 years.

For more information about Alliance NRG Program or Counterpointe SRE Program:

HERO Program

Through partnership with the City of Orlando, Renovate America’s HERO Program is an affordable way to make energy efficiency, hurricane protection and performance upgrades to your home. There are over 1 million products for every part of a home, including storm shutters, high-efficiency heating and AC systems, roofing, windows, doors, and solar systems. HERO’s network of registered contractors have agreed to meet our industry-leading consumer safeguards.

For more information about the HERO Program:

Traditional loans vs PACE in general

If you’re thinking about how to whether to fund your home improvements with a loan or with PACE,

we’ve compiled a short guide to traditional loans vs PACE:

Unsecured Loans

Compared to an unsecured loan, PACE offers terms up to 30 years which means that you will have lower monthly payments. PACE loans also have no FICO requirements and do not impact your credit score at all. Meanwhile, unsecured loans are subject to whatever terms the lending body chooses, so be sure to check thoroughly before committing to anything.

Home Equity Loans

Home Equity loans have shorter terms, so you will not be tied to monthly payments for as long. However, these shorter terms mean that monthly repayments will inevitably be higher. To take out a Home Equity loan, you must have a FICO score of 620 or higher – as compared to the 0 FICO requirement for PACE.

HELOC

A Home Equity Line of Credit has variable rates, so they will be subject to terms and conditions. Getting approval for this type of loan can also take a month or more, so if you’re in a rush, HELOC is not recommended. Meanwhile, PACE has fixed rates and funding is often approved in minutes.

Credit Cards

You should avoid credit card loans if possible, since their rates can be extortionate. While the loan may help in the short term, in the long term your home improvements will cost more as you pay of credit card debt. Meanwhile, PACE offers low rates, same day approvals, and up to $250,000 in funding.

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