How it Works
Special Note: In Central Fl, only certain portions of City of Orlando, Longwood and Kissimmee currently qualify
PACE is a simple Gov Sponsored Financing Program that is approved in very select areas to provide (nearly) Guaranteed Financing for energy improvements for homes in those areas. The financing is based mainly on the equity value in your home, not the credit score. This financing is collected thru the local gov taxing boards, so it is not a “regular” loan. The financing is listed as a “special assessment” and will be collected along with the property taxes. In most cases, the payments are less than your old elec bill!!
No special assessment will be imposed on any property for the cost of qualifying improvements unless all owners of the property voluntarily agree to allow the assessment to be imposed pursuant to a financing agreement entered into by the property owners and the local government.
The Florida PACE Funding Agency provides a means to validate and provide certainty as to the nature of the non-ad valorem assessments and the impact or reaction from mortgage lenders doing business in Florida, as well as the ability to only issue bonds on an as-needed basis to underwrite energy efficiency, renewable energy and wind resistance improvements. Key points of the program that serve as benefits to local governments include:
- No subscription activity with local governments or provision of assessments to willing property owners will take place unless and until a successful statewide validation in Florida has been completed by the Flori