RenewPACE is government-authorized financing from national energy finance leader Renew Financial that provides $0 down financing for energy efficiency, renewable energy, and wind-resistance improvements.
As of May 2017, our interest rates are:
|YEARS TO REPAY||EST. INTEREST RATES|
1. What is RenewPACE?
RenewPACE is Property Assessed Clean Energy financing. It’s repaid on the homeowner’s property taxes over the course of 5-25 years at a fixed interest rate that never rises. Renew Financial offers RenewPACE in cooperation with the Florida Green Finance Authority.
2. How is RenewPACE different from traditional financing?
RenewPACE is financed through assessments collected on the property tax bill, and the balance due can transfer to the new owner if the home is sold, subject to lender approval.
3. Does Renew Financial use taxpayer dollars to fund projects or administer RenewPACE?
No. Renew Financial uses private capital to fund every project.
4. What are the benefits?
RenewPACE solves many of the financial hurdles facing homeowners wanting to install energy and wind resistance improvements:
- Competitive, fixed interest rates
- Flexible repayment terms of 5,10, 15, 20, or 25 years
- May reduce energy and water usage
- Balance due can transfer to the new owner if the home is sold, subject to lender approval
5. How do I qualify for financing?
Qualifying for RenewPACE financing is primarily based on:
- The property’s estimated market value
- The amount of the homeowner’s equity in the property
- The homeowner’s recent mortgage and property tax payment history
- Maximum financed amount depends on the homeowner’s annual income
- The dollar value of the proposed eligible improvements Air Conditioning Financing
6. How much money can I borrow?
The minimum amount that can be financed is $5,000. The maximum financing amount depends on the homeowner’s annual income, and may not exceed $250,000.
7. How is the length of the repayment period determined?
Repayment periods can be 5, 10, 15, 20 or 25 years, depending on your preference, though they are limited by the expected useful life of the product(s) in the project.
8. How does repayment work?
As a homeowner applying for RenewPACE financing, you will allow the county to place an assessment on your property. The PACE assessment will then appear as a new line item on
your property tax bill.
9. Are there any penalties for prepayment of the PACE assessment?
There are no penalties for paying all or a portion of the PACE assessment early.
10. What happens when I sell my property?
As part of the property record, the assessment will be disclosed at the time of property sale, and the remaining unpaid balance of the financed amount can be transferred to the new homeowner, subject to lender consent.
11. Is there an application fee?
No, there is no fee to apply for RenewPACE.
12. Is some or all of my annual PACE payment deductible from my federal income taxes?
According to the IRS, “the interest portion of your payment may be deductible as home mortgage interest.”