Charlotte County Economic Development | 18501 Murdock Circle, Suite 302 | Port Charlotte, Florida 33948 | Phone: 1-941-764-4941 | Fax: 1-941-764-4947 | Email: FloridaEDO@charlottefl.com
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Property Assessed Clean Energy (PACE)
Did you know buildings account for up to 50% of a community’s energy use and approximately 40% of its Greenhouse Gas emissions?
 
New buildings are constructed to meet higher standards of energy efficiency, however, there are steps property owners can take to improve the efficiency of older homes and businesses. These improvements can help conserve energy, reduce Greenhouse Gas emissions, save money and green our community.
 
Charlotte County recognizes one of the main barriers to making energy efficiency or renewable energy improvements is the cost. To assist, the County is participating in the PACE program.
 
What is PACE?
 
PACE (Property Assessed Clean Energy) eliminates the barrier of high upfront costs by allowing property owners to pay off energy efficient and/or green energy improvements through an assessment on their property tax bill.
 
Here are some key points to be aware of:
  1. PACE is a financing program, not a rebate or grant. The property owner agrees to pay back the financed amount on their tax bill.
  2. The annual property tax bill will increase. If you pay your taxes through escrow, your monthly mortgage payments will also increase.
  3. There are administrative fees and interest associated with PACE financing - and those vary depending which PACE Provider you choose.
  4. PACE financing is recorded against the property as a tax lien. The tax lien is in the first position, meaning that if a homeowner goes into default, the PACE Provider gets paid before any other creditors, including the lender(s) that hold the mortgage.
  5. Nonpayment risks tax foreclosure and default on the homeowner’s traditional mortgage.
  6. PACE liens don’t always show up on the first tax bill; it often shows up in the second tax cycle, so homeowners may find themselves in a situation of having to pay more (up to double) the first year to true up the impound account. You should call your mortgage servicer immediately if you choose PACE financing.
  7. For the most part, conventional loan institutions (i.e. Fannie Mae, Freddie Mac) and some banks currently won't lend on a property unless the PACE debt is settled prior to closing or refinancing.
 
What can be funded through PACE?
 
PACE can be used to fund energy efficiency improvements, wind resistance measures and renewable electricity generation including, but not limited to, solar water heating systems; air sealing and ventilation systems; efficient doors and windows; insulation; “cool” roofs; water heaters; pool pumps; lighting fixtures and controls; storm shutters; wind resistant shingles; high impact windows and doors; photovoltaic systems; EV charging stations; and small wind turbines.
 
How do I participate in PACE?
 
  • Before you apply - BE PACE SMART! Read the key points.
  • Select one of the approved PACE providers below.
  • Determine eligibility with the provider.
  • Choose a contractor and determine the scope and cost of the project.
  • Secure financing for the project through the PACE provider.
  • Install the improvements to your property.
  • Enjoy your new energy efficient, wind resistant, clean energy generating home!
 
For more details about the steps, requirements, and eligibility, please contact an approved PACE provider.
 
PACE providers approved by Charlotte County
Clean Energy Green Corridor / Ygrene Energy Fund Florida
www.ygrene.us/fl/green_corridor
305-569-0015
 
RENEW Financial
www.renewfinancial.com
888-855-9961
 
Alliance NRG
www.alliancenrg.com
855-431-4400

 

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