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PACE Financing

What is PACE?

Property Assessed Clean Energy, or PACE, is a financing tool that enables business owners and homeowners to lower their utility bills and increase their buildings' energy efficiency. The program uses approved third party administrators that provide funding for the improvements, with repayment, through a special non-ad valorem assessment levied on the property, with the property owners repaying financing annually through their property tax bill. The PACE program removes the barriers of high upfront costs for energy efficiency and weatherization upgrades while also allowing property owners to reduce their carbon footprint.

Interested in PACE financing?

For residential PACE, visit: https://www.fdfcbonds.com/pace
For commercial PACE, visit: https://www.fdfcbonds.com/pace-commerical

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Source: PaceNation.org

What kind of upgrades can be made using PACE financing?

Heating/Ventilation
Lighting
Water pumps
Insulation
Solar Panels
Motors
Roof
Wind Resistance

Why Choose PACE?

Residential Property Assessed Clean Energy, or PACE, is a financing tool that homeowners can use for energy efficiency and weatherization upgrades.

PACE financing allows homeowners to make residential energy efficiency, solar and wind resistance improvements while paying for upgrades over time through their property tax bill. Leon County is one of the first to launch the program in Florida with Florida Development Finance Corporation and Renovate America, one of the largest providers of PACE home improvement financing in the nation.

No upfront costs.
Energy savings realized through upgrades.
Payments rolled into special tax assessment made payable once a year.
Assessment is attached to home and may be transferred upon sale.
Fixed interest rate for length of financing term.
Long payback period.
Increases property value.

Is PACE right for me?

As you continue to research the PACE Financing Program to see if it is right for you, consider exploring all options that might be available to you by checking with:

Your utility provider for rebate or assistance programs,
Your bank for options like a Home Equity Loan, etc. o Income qualifying resources, such as the Capital Area Community Action Agency
Your contractors, who often provide finance options for improvements through the manufacture such as roofing, windows, or HVAC.

How does PACE financing work?

Once a PACE-qualifying project is approved and the contractor completes the work, the PACE program administrator provides funding for the project which is then repaid through a non-ad valorem assessment levied on the property. Property owners repay the financing annually through their property tax bill.

What improvements qualify for PACE financing?

PACE qualifying improvements are improvements to real property including, but not limited to, energy conservation and efficiency, renewable energy and wind resistance improvements. Examples of qualifying improvements include new roofs, air conditioning units, impact windows, and solar panels. For questions regarding specific qualifying improvements, contact the individual PACE program administrators.

How do I qualify for PACE financing?

As a PACE financing applicant, you must own the property, have some equity in it, and have a history of responsible mortgage and property tax payments. For more information, visit www.FDFCbonds.com/PACE.

Can I sell my home before I have paid off PACE financing?

PACE financing can be transferred to the buyer, but this is not guaranteed as the buyer or the buyers lender may require the remaining PACE obligation to be paid in full, as part of the sale of the property. Terms would be determined by both seller and buyer during negotiations.

What happens if I am not happy with the improvements?

Program administrators of PACE are required to only use contractors who have met certain standards for work quality, thus protecting customers from contractors who might not have the proper certification or do substandard work. In addition, contractors are not paid until you are satisfied with the completed work.

How many years can I finance for?

The payback period is up to you, and can vary from five to twenty years.

How is the interest rate determined?

The interest rates and fees for the project are set by the PACE program administrator at the time the Financing Agreement is finalized with the property owner and are determined by various factors including the length of financing period.

Should I get an energy audit before making the improvements?

PACE Financing does not require an energy audit. However, completing an energy audit for your property is a good idea, even if energy-efficiency improvements are not pursued. Energy audits can help you understand which appliances and units are consuming the most energy, identify inefficiencies and potential upgrade options for a more efficient home or business. In Leon County, both utility providers, the City of Tallahassee Utilities and Talquin Electric Cooperative, offer free residential and commercial energy audits to all customers. If you are a City of Tallahassee Utilities customer, call 850-891-4968, and if you are a Talquin Electric Cooperative customer, call (850) 627-7651 to schedule an audit.

Who do I contact about contractor or installation questions or concerns?

Any questions regarding contractors or product installation should be directed to the PACE program administrator that was chosen for the PACE financing project.

For Homeowners

Are you a homeowner interested in PACE financing? Follow these five simple steps:

Learn more about PACE - Read our FAQs and PACE Basics sheet about PACE and become more familiar with the program.
Choose a PACE Program Administrator - A list of approved PACE Program Administrator for Leon County is available through our PACE Program Coordinator, the Florida Development Finance Corporation.

CONSUMER PROTECTIONS:

The Florida Development Finance Corporation provides oversight to each approved program administrators within its program.

Apply - Complete an application with the PACE program administrator of your choice.

CONSUMER PROTECTIONS:

Each program administrator will verify the property is eligible for the program, the owners of the property are included in the process and sign the application forms and a notice is sent to the mortgage company as required by Florida Statutes.
Live phone call with the program administrator to review critical information about their financing option. Homeowner confirms the financing terms and can ask questions regarding the repayment structure.
Disclosures and addendums are within the Financing documents and should be read and reviewed carefully before signing.

Identify a Contractor - After applying with a PACE program administrator, choose from their available contractors

CONSUMER PROTECTIONS:

Only contractors who have been approved to provide financing through a program administrator are able to offer the financing option to consumers.

Kick Off Project - Identify the qualifying improvement with the chosen contractor.

CONSUMER PROTECTIONS:

Project Review: The Florida Development Finance Corporation reviews and provides feedback if necessary, for all projects submitted for eligibility and pricing parameters.

Sign the Completion Certificate - Upon completion of the project, the property owner signs a completion certificate confirming they are satisfied with the project.

CONSUMER PROTECTIONS:

Homeowner can contact the program administrator if there are any questions regarding the confirmation of the project completion.
Project payment reminder is emailed from the program administrator upon full completion of the project and execution of the completion certificate to assist the homeowner in preparing for their first payment.

Contact your Mortgage Lender - If you have an existing mortgage with an escrow account, notify the lender of your new assessment

For Vendors

Are you a vendor interested in becoming a registered PACE vendor?

Visit www.fdfcpace.com and select a PACE provider - vendors can be registered for more than one provider.
Contact the provider and indicate interest.
Register and complete certification process.
Identify a homeowner project that qualifies for PACE financing and refer him or her to a provider.
Complete project.
Get paid!

For more information about the PACE Program, and to find out if you're eligible for PACE financing in Leon County, please visit the Florida Development Finance Corporation (FDFC) page.