What is Pace?

• PACE (Property Assessed Clean Energy) is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACE is proving to be the most effective way to pay for energy improvements for homes. Available now throughout many municipalities in Florida.
  
  PACE has helped homeowners across the U.S. finance solar and energy efficiency improvements that have eliminated billions of dollars of wasteful utility bill spending. PACE provides 100% of the funds you need to purchase efficient equipment such as water heaters, insulated windows and doors, efficient roofing, solar panels, and more. Find a local PACE program for details on eligible improvements for your home.

 

How Does Pace Work?

• PACE is a national initiative, but programs are established locally and tailored to meet regional market needs. State legislation is passed that authorizes municipalities to establish PACE programs, and local governments have developed a variety of program models that have been successfully implemented. Regardless of model, there are several keystones that hold true for every PACE program.

  • PACE is voluntary for all parties involved.

  • PACE can cover 100% of a project’s hard and soft costs.

  • Long financing terms up to 20 years.

  • Can be combined with utility, local and federal incentive programs.

  • Energy projects are permanently affixed to a property.

  • The PACE assessment is filed with the local municipality as a lien on the property.

 

Why Is It So Popular?

• Property owners love PACE because they can fund projects with no out-of-pocket costs. Since PACE financing terms extend to 20 years, it’s possible to undertake deep, comprehensive retrofits that have meaningful energy savings and a significant impact on the bottom line. The annual energy savings for a PACE project usually exceeds the annual assessment payment, so property owners are cash flow positive immediately. That means there are increased dollars that can be spent on other capital projects, budgetary expenses, or business expansion.

• Local governments love PACE because it’s an Economic Development initiative that lowers the cost of doing business in their community. It encourages new business owners to invest in the area, and creates jobs using the local workforce. PACE projects also have a positive impact of air quality, creating healthier, more livable neighborhoods.

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How do I Qualify for Pace Funding?

• Eligibility is based primarily on the available equity you have in your property and your ability to pay, among other factors. No minimum FICO score is required. For example, homeowners and commercial property owners must have at least 10 percent equity stake in their property, must be up-to-date on mortgage payments and taxes, and cannot be in bankruptcy (some jurisdictions require being clear of bankruptcy for a certain number of years).

 

 

 

 

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What is YGRENE?

• Ygrene’s award-winning PACE program provides 100 percent, no money down PACE financing to help property owners make cost-effective energy efficiency, renewable energy, water conservation, safety and storm protection improvements to residential, multifamily, commercial and agricultural buildings. Eligibility is based on equity and your ability to pay, among other factors. No minimum FICO score is required. Payments can be spread out up to 30 years in some states, and your first annual payment may be deferred for up to one year or longer, subject to underwriting guidelines, approvals and date of funding.

 

How Does YGRENE work?

• Ygrene can be used to pay for hundreds of PACE-eligible energy efficiency and renewable energy upgrades, including associated installation costs. In certain states, electric vehicle charging stations, water conservation improvements, storm/wind protection and seismic retrofits are also eligible for financing.
  
  Some of the most commonly financed improvements are qualified solar systems, energy-efficient heating and cooling systems, windows, doors, roofing, insulation and ducts, pool pumps, water heaters, drought tolerant landscaping and water-saving plumbing repairs. If your property is in one of our service areas, you can apply online and get prequalified in minutes. Eligibility is based on equity and your ability to pay, among other factors—not your FICO score.

 

How are YGRENE payments made?

• Payments are made through a special tax/assessment added to your property tax bill and repaid with terms of up to 30 years in some states, depending on the location of the property and type of improvement. The special tax/assessment (your payment) is secured by a continuing lien on your property. If you sell your property, payments may transfer to the new owner. Keep in mind that property taxes are legally transferable when you sell or refinance your property, however, some mortgage lenders may require full repayment (payoff) of any remaining special tax/assessment upon sale or refinance.  If you're considering selling or refinancing anytime soon, check with your lender first.

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