Florida PACE Financing
Congratulations, Florida property owners! You live in a state that supports property tax solar financing.
How does Florida’s financing work?
Florida allows counties and municipalities to set up loans for renewable energy and energy efficiency improvements to be paid back through property tax payments over a 20-year period. The loans carry a fixed interest rate and stay with the house–so if you move, the next tenant continues to pay for the loan through property taxes. That means you don’t have to worry about paying for panels on a house that you don’t live in anymore.
Unlike most other states, Florida didn’t need to change its laws in order to allow counties and municipalities to set up their own loan programs. Florida’s Statute 189.400 authorizes cities and counties to create special districts to finance projects that serve the public purpose and benefit the city or county.
Is the solar financing program available now?
In early June 2010, Governor Crist signed a bill allowing Palmetto Bay, Pinecrest, Cutler Bay, and South Miami, municipalities bordering each other in South Miami-Dade County, to participate in Florida’s PACE program. However, no other cities in Florida have taken advantage of this opportunity. Keep your eye out for new Florida locations popping up in the near future. Contact your local government to see if they’ve thought about setting up a PACE program!