PACE eligible home improvement projects

Property Assessed Clean Energy financing, most commonly known by its acronym “PACE,” is a unique form of home improvement financing that allows homeowners to access a portion of their home equity to pay for various safety and energy efficient related home improvement projects. PACE financing is considered a voluntary property tax assessment and not a home loan for home improvements; therefore, the financed amount is included as a line item on the property tax bill and paid under the same schedule as the property taxes are due (annual or biannual) until the financed amount is repaid full.

There are hundreds of safety and energy efficient related home improvement projects and products that are eligible for PACE financing. However, because the PACE program is based on state guidelines and guidelines specific at the city or county level, an all-inclusive list of PACE eligible projects and products does not exist.

The projects and products listed below are often eligible for PACE financing. We strongly encourage you to confirm the project’s or product’s eligibility and available financing terms for the same with the PACE provider of your choice before deciding, click here to contact an authorized PACE provider in your area.

PACE financing for Solar Panels
According to Energy Sage, as of July 2019, the average solar panel cost for a system the size of 6 kilowatts (6,000 watts) in the state of Florida is approximately $15,7801 and in California $17,7602 before any federal tax rebates or local incentives. Solar panels can generally be financed for up to 30 years, and in some areas, you may be able to use PACE to finance the cost of leasing solar panels.

PACE financing for Roof Replacement
Per HomeAdvisor.com, the national average cost of roof replacement is $7,770. Most homeowners pay a range of $5,347 and $10,513.3 Cool roofing (prescriptive or performance) can cut the energy consumption costs as it deflects the sun’s heat and reduces the heat absorbed through the roof, keeping the home comfortable and cooler which can help reduce the energy consumption costs. Cool roofing can generally be financed with PACE for up to 25 years.

PACE financing for an HVAC system
According to Homeguide.com, the average national cost to replace an HVAC system is $4,820 to $9,350, which includes the combination of a new central air conditioner unit and a new gas furnace. Installation of a new HVAC system with ductwork costs between $6,820 and $12,350 in total.4 The total costs for installing a new HVAC system is dependent on various factors such as the size of the house, the brand and efficiency rating of the new HVAC unit, the length of the ductwork, additional upgrades (zoning system, humidifier, etc.), and labor expenses. An HVAC system can generally be finance with PACE for up to 20 years.

PACE financing for Windows and doors
Hurricane resistant windows and doors, are particularly important in regions prone to very strong winds to save a home from a devastating collapse. Energy efficient windows and doors certified by Energy Star can significantly contribute to reducing heating and cooling costs. Hurricane resistant or energy efficient windows and doors can generally be financed with PACE for up to 25 years.

PACE financing for Natural Disaster Preparedness
PACE covers a variety of natural disaster home improvement projects to help protect your home from hurricanes, flooding, earthquakes, and wildfires. The options available to you vary depending on the disaster risks in your area. For example, if you live in an area prone to strong winds (hurricanes or tornados) PACE may cover the cost of financing impact-resistant windows, wind-resistant shingles, storm shutters, and other eligible measures.

There many other products and projects eligible for PACE financing such as: generators, air-source heat pumps, attic insulation, ceiling insulation, duct replacement, radiant barrier, solar water heaters, and water softeners to mention a few. The financing term is determined based on the expected useful life of the product, with terms starting at 5 years and up to 30 years.

It is highly recommended that you work with an authorized and experienced PACE provider in your area who can confirm if the home improvement project or product you are looking to finance is eligible for PACE financing. Click here or call  866-891-6879 to contact an authorized PACE provider in your area. An expert PACE financing adviser will answer all of your questions and provide you with a FREE and No-Obligation quote.

Important Information:

PACE financing is subject to credit approval. Underwriting requirements may vary and are subject to change. Additional underwriting requirements and restrictions apply. PACE financing may be required to be repaid upon refinance or sale. Homeowners should perform due diligence before selecting a home improvement contractor. PACE financing is private financing that must be repaid in full. PACE financing is not a government subsidy.

Article Sources:

  1. Energysage.com How much do solar panels cost in Florida in 2019? https://news.energysage.com/florida-solar-energy/

  2. Solar panel cost and typical prices in California: how to get the best deal https://news.energysage.com/compare-solar-panel-prices-california/

  3. Homeguide.com HVAC System Cost https://homeguide.com/costs/hvac-cost

  4. HomeAdvisor.com Roof Replacement Costs https://www.homeadvisor.com/cost/roofing/install-a-roof/

Pam Rodriguez

Sr. Channel Marketing Manager at Renew Financial
Pam is a Sr. Channel Marketing Manager at Renew Financial. Pam has over 13-years of experience in the financial services industry, particularly in the home lending sector. In her spare time, Pam enjoys writing educational articles to help consumers determine if PACE financing is right for them.
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