PACE, or Property Assessment Clean Energy program, is a government finance program. It allows a property owner to finance the cost of energy efficiency, renewable energy and other eligible improvements on a property and pay these costs back over time using private sources of capital.
This is great for homeowners because the property owner can implement improvements without handing over a large upfront cash payment, in addition to making sure their home is as energy efficient and sustainable as they want it to be. These programs are typically enabled through state legislation and authorized at a local government level. Property owners that choose to participate in this program repay their improvement costs over a period of time, usually 10 to 20 years. The property assessments are tacked on to the owner’s property tax bills, and accordingly, failure to pay these results in the same repercussions as unpaid property taxes.
An owner isn’t tied to this agreement. A PACE agreement is a debt of property, meaning that if the owner decides to move and the new buyer agrees to take on the PACE contract and the new first mortgage holder allows for this agreement to stay on the property, the repayment obligation may be transferred. Hurricane Heroes is a roofing contractor in Fort Lauderdale, Florida that offers this attractive government finance program to its customers with a low financing rate and quick qualification process.
Leo Schlez, owner of Hurricane Heroes company, says it’s one of the things that makes their companies stand out from the competition. PACE agreements can be risky to enter if you don’t read the fine print. But Hurricane Heroes discloses its interest rates upfront and the finance is tax deductible. There is 0 money down and the term is up to 20 years, he says. There are many reasons to choose Hurricane Heroes for your roofing needs, but their PACE agreement may help make the decision a bit easier.