What is PACE Financing? Making Your Property More Energy Efficient Through PACE Financing

October 12, 2020

Interested in implementing energy efficient or hurricane resilient features in your home or business? Well then, PACE financing may be the perfect financing option for you!

PACE stands for property assessed clean energy, and PACE financing works for both residential and commercial properties. The upfront costs of energy efficient improvements can be covered through financing, and then your payments will be paid back through a voluntary assessment.

The benefit of using PACE financing is that rather than being attached to the individual, the assessment will be attached to the property.

It is simple to see if your property is eligible for PACE financing. Email us!

How Do You Repay Your Improvement Costs?

Hillsborough Home eligible for PACE Financing

When it comes to PACE financing, those who choose to voluntarily enroll in a PACE financing project will typically have their payments spread out throughout the course of 10 to 20 years. The payments are made in addition to property tax bills and are considered a debt of property.

Therefore, the PACE financing payments may be transferred to a future property owner if you decide to sell your property, and the buyer agrees to continue with the PACE payment obligations. This can be a great option for those who want to make their property more energy efficient but are not sure if they will be staying in that property for years to come.

Our team is eager to help answer your questions pertaining to energy efficient upgrades and financing through PACE. Call 813-579-5789

What Are the Benefits of Using PACE Financing?

Interior Home Remodel with impact windows

The financing occurs over a long period of time - typically 10 to 20 years which results in your projects being cash flow positive. Another benefit is there are no down payments.

With PACE financing, interest rates are low because the security of loan repayments that are attached to your property tax bills are high. You may also have the opportunity to deduct payments from your income tax liability.

PACE requires you to use a PACE Certified Contractor, like Onsite Restoration, so you can rest assured that your project is done professionally and correctly.

Onsite Restoration is trusted by homeowners and professionals in the Tampa Bay Area and its surrounding counties. Here are a few reviews from previous satisfied clients!

What are the Cons of Using PACE Financing?

Unfortunately, PACE financing is only available to those who are property owners. Moreover, portable items cannot be financed such as screw in light bulbs.

PACE financing is also not appropriate for any investments that are below the $2,500 mark, and it requires both administrative and legal setup obligations.

In order to take advantage of PACE financing, you will need to hire a PACE Certified Contractor like Onsite Restoration. Contact us to find out more information!

Think You May Be Interested in Using PACE Financing for Your Project?

Contact us today to get started discussing your project goals!

Onsite Restoration is a PACE Certified General Contractor

When you choose Onsite Restoration for your project, we will exceed your expectations. Our general contractor has over 14 years of experience working on both residential and commercial projects.

In your initial consultation, we’ll provide you with a rough estimate and within 2 to 3 days. Materials used in your project will come from high-quality, local suppliers, and our project managers will provide professional and clear communication.

Ready to schedule your consultation?

Contact us at 813-579-5789 / contact@onsiteresidential.com

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