Property Assessed Clean Energy (PACE)
What is PACE (Property Assessed Clean Energy)
As of fall 2016, the City of Orlando now provides a new set of financial tools to home and business owners to help them lower their utility bills and make our buildings more energy and water efficient through the Property Assessed Clean Energy (PACE) program. PACE removes the barriers of high upfront costs and provides low-interest financing to help residents and business owners looking to modernize, mitigate wind damage and improve the energy and water efficiency of their property.
The program, approved by the State of Florida for local communities to implement, uses approved third-party administrators that provide funding through a special assessment levied on the property. As a result, the loan stays with the property and allows the assessment to transfer when a home or building is sold. Payments for the assessment are made through annual property taxes. This assessment can be amortized over a period of five to 20 years, which allows for the cost savings resulting from the improvements to be used to pay back the amount owed.
Currently, more than 60 cities and counties throughout Florida have enabled PACE financing, including Leon and Escambia Counties, City of Kissimmee and Miami-Dade County>, or enable
Homeowners and Business Owners
In the Orlando PACE Program, businesses and homeowners can choose from these four state approved third party administrators:
Ygrene Energy Fund is the nation’s leading multi-state provider of residential and commercial property assessed clean energy financing. The award-winning, privately funded YgreneWorksTM 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. Ygrene is committed to making it easy for families to invest in their future and a healthier environment. Over the next five years, YgreneWorks is projected to create tens of thousands of local jobs and invest hundreds of millions into local economies.
Home owners readying a property for sale or just having purchased a property often find themselves in a position where property improvements need to be made. Sometimes these improvements are necessary in order for the property to pass a four-point inspection for insurance purposes. Other times, property owners have purchased a property knowing that they want to make immediate improvements to the property to satisfy desires for curb appeal, cost savings, safety or overall property reliability.
Often, paying for these improvements can seem like an insurmountable obstacle. Property Assessed Clean Energy (PACE) financing is funding available to qualified property owners to make energy efficiency, renewable generation and wind mitigation improvements and repairs. The funding is repaid through an assessment included on the annual property tax bill. In addition, property owners can make additional wind mitigating improvements that will further reduce their property risk, including: wind-rated doors, impact-resistant windows and storm shutters. PACE financing with the Agency is now available in 22 communities throughout the state of Florida.
- Not based on credit score
- Program pays contractors
- Stretch payments out over terms up to 30 years
- Fixed interest rates
Residential Properties: (855) 509-9922
Commercial and Owner Associations