PACE (Property Assessed Clean Energy) Program Financing
What exactly is PACE?
PACE is a financing program that works with your city on financing. Partnering with you city allows them to help you finance a solar panel system for your home as well as finance other energy efficient improvement. This financing can be achieved through a loan from the city which in turn you pay bac through your property tax bill.
The many benefits of PACE
With PACE there is no credit check required. The entire assessment is based on the value of your property and not on your personal financial performance.
When your property sells, the tax liability goes to the new buyer of the property.
PACE can be shared with tenants. This is beneficial for multi-family housing properties.
How exactly does PACE work?
The city partners with your solar company to administer the program. Sometimes the city can decide to do it directly themselves. The entire program is general funded by municipal bonds.
An evaluation is performed on your property for solar power or energy efficiency improvements and presents you with an assessment.
A solar solution quote is then developed and identifies the best system that fits your specific needs. We will even walk you through the application process.
The team at Envirosolar Power will manage your solar energy system project from conception to finish.
Once solar is installed on your property, payments will be made on your property tax bill. This is stretched out or amortized over 15-20 years. This is given at a competitive rate of interest.
If the home is ever sold, the solar system goes with the property, along with any tax liability.