PACE Financing:
- $0 Down Payment Solar Ownership
- No credit (FICO) score requirement
- You Claim the Tax Credit
- 100% of Installed Costs Financed
- 5, 10,15, 20, 25 year terms available
- Transferable if Property is Sold
- Finance up to 10% of the Property Value
- Payments are Made with your Property Taxes
- Interest is Tax Deductible
- No effect on Debt to Income Ratio (DTI)
Customer Bemis Example
Monthly Utility Bill Pre-Solar: $267
Monthly Utility Bill With Solar: $10
15 Year Monthly Loan Payment on Property Tax Bill: $216
Net Tax Savings Payment: $179
Monthly Savings Year 1: $78
25 Year Savings After Utility Inflation: $133,565
PACE Financing Frequently Asked Questions:
How are PACE loans paid through my property taxes?
Property owners will see a new line item referencing the PACE loan on their property tax bill. Finance payments will be due in accordance with their regional property tax regulations, and may be paid annually, semi-annually, or monthly with and impound account, depending on how the property owner pays their property taxes currently. If a property owner pays their property taxes through and impound account, their lender will adjust their monthly payments accordingly, to include the additional finance payment.
When will I make my first payment?
The date of your first payment depends on the date your PACE contract is funded. PACE contracts funded on or before June 30, will be appear on the following property tax bill within the same year; PACE contracts funded after June 30 will appear in the following year’s property tax bill.
Are PACE loan payment tax deductible?
Yes, similar to a mortgage or a Home Equity Line of Credit, interest on PACE financing may be tax deductible. *Please consult with your tax advisor regarding potential tax benefits.
How do I qualify?
Qualification for PACE programs is quick and easy, and can be done online, by phone, or together with your solar representative within a few minutes. PACE financing is based on the equity in your home or property (among other factors) and not your credit (FICO) score, income, financial statements, or proof of employment.
Will you pull my credit report?
Yes. While your credit (FICO) score is pulled to confirm certain underlying criteria, your credit score is not used in determining your eligibility for financing.
Can I sell or refinance my home if it has a PACE assessment?
Yes, and Yes. Homes with PACE assessments can be sold or refinanced at any time. Upon resale, unlike some other forms of financing, the assessment may remain on the property and the buyer may assume the remaining payments. The seller may contact their PACE representative at any time for guidance on all available options upon deciding to sell or refinance. Subordination of the the PACE assessment may also be available, if required by the lender.
Who can apply for a PACE loan?
Any property owner that lives within the city or county where the local government has approved a PACE financing product. Contact your solar representative for a complete list of available PACE programs in your city.
Is there a prepayment penalty?
All PACE programs have no prepayment penalty options available, but may have a minimum prepayment amount requirement. Please consult with your solar or PACE representative for the specifics regarding prepayment within the PACE programs available in your area.
Can a property in a trust quality for a PACE loan?
Yes. Property placed in a trust are eligible for PACE as long as proper documentation of the trust is provided with the application, along with applicants’ authority under the trust. All trustees are required to sign all PACE financing documents.
Am I eligible to receive the solar tax credit and any other incentives with a PACE loan?
Yes. Property owners are still eligible to receive the 30% tax credit available from the federal