Florida’s recently elected statute 163.08, provides local governments the legal right to use non ad volarem taxes/special assessments to finance home improvements to real property, for those that energy qualify, which is named PACE (Property Assessed Clean Energy Financing). The owner of the real property may finance these improvements, if they live in a PACE eligible community (usually the City or County votes on it) and is completely voluntary, and is available upon an application and written consent, of only those interested property owners that apply. Only do business with a PACE approved vendor. Get your questions answered, in advance. Call us today.
Approved qualifying Improvements for PACE include home solar. Home solar falls under the classification of energy conservation, efficiency enhancements, renewable energy enhancements, wind resistance enhancements for homes located within locally approved boundaries. The loan is simply and easily repaid, either as being factored into your monthly mortgage payments through your mortgage lender (mortgage lenders simply re-amortize your loan and add it for you, and they pay your property taxes), or you can pay 1 time each year (once annually) in your agreed amount installments, over the period of so many years – typically anywhere up to 25 or 30 years (although, the # of years cannot exceed the warrantied/determined life of the improvements/as determined as “usual”, by PACE).