PACE Energy Financing Programs Moving to the City of Satellite Beach
On August 17th, 2016 at 7PM the City of Satellite Beach held a regular meeting to discuss an energy efficiency resolution on the agenda, which was recommended for adoption and the agreements will now need to be signed by the Mayor, Frank Catino.
The PACE (Property Assessed Clean Energy) Program is a unique financing option for all property owners. PACE will fund almost any property improvement that results in increased energy efficiency or energy production. Most common energy solutions include roofing, insulation and ventilation, doors and windows, water heaters, storm shutters, lighting, solar or wind power, and high efficiency cooling systems.
The PACE program allows a property owner to finance his/her energy improvements via the property tax collectors office which results in no money down and very affordable terms since the funding can be spread out over a period of up to 25 years. PACE financing is not considered a loan and is not reported to creditors or credit agencies. As long as a property owner pays his/her taxes, has income to support the increased taxes, they would qualify easily. In the State of Florida, there are two funding institutions which would fund the energy efficiency improvements for property owners: Renew Financial and Ygrene Energy Fund.
For Satellite Beach businesses and home owners, this is a good option if you plan to keep the property for a long time and have very little capital or borrowing power to finance otherwise. Before choosing PACE, Wave Energy recommends looking at all energy financing options and seek consultation from an expert to ensure you understand the pluses and minuses of any program. Since the tax assessments remain with the property when sold, these costs are transferred to the next buyer. This may sway potential buyers and may prevent you from realizing equity in the real-estate. Other methods of financing will allow you to see more market value and convert that to capital at sale. For example, if local energy costs increase after solar is installed, you could see a larger return on your investment if the debt is not transferred, but rather paid off at the close of the transaction.
PACE is the right solution for many, and either way, the adoption of such a program by a local Space Coast community is a step in the right direction.
For more information on this and other Satellite Beach City Counsil Sessions, Click HERE.