PACE financing is widely used across the United State to help fund energy efficiency upgrades and disaster resiliency improvements for homeowners. PACE (Property Assessed Clean Energy) can also be used to fund energy improvements such as attic insulation, air sealing, cool roofs, and more.
How Does PACE Work?
The PACE program can be used for residential and commercial properties. The PACE loan is attached to the property and payments are made along with your tax assessment. Since the PACE loan is attached to the property, it stays with the property in the event of transfer of ownership. The property serves as collateral for the loan, that is the reason the debt is tied to the property as opposed to the owner.
PACE financing does not require any upfront down payment. There are no monthly payments. PACE loans are repaid through property assessments as an add on to property taxes, and therefore may be a tax write-off. We suggest consulting a tax expert for details. The financing is typically spread out over a period of 10-20 years. PACE loan eligibility is based on the equity in your home, your payment history on your mortgage, and your ability to pay the property assessment.
Once you are approved for a PACE loan, you will need to find a roofing contractor that accepts PACE financing. PACE programs have grown in popularity over the years and are much easier to access than traditional financing. We are pleased to announce that Harlan Quality Roofing does work with PACE financing and can assist you with any questions you have about the program.
If you are ready for a new roof and would like to consider PACE funding, contact us today for a quote and guidance on the application process.