PACE Program
What is PACE?
PACE stands for Property Assessed Clean Energy. Residential PACE allows homeowners to finance energy efficiency, renewable energy, and other eligible improvements on their homes using private sources of capital. PACE programs are typically enabled through state legislation, and authorized at the local government level.
How Does PACE Work?
PACE allows property owners to receive upfront financing for a variety of energy-related home improvements then repay the debt through voluntary assessments on their property tax bills. Approved third-party administrators provide funding, and the assessment can be amortized over a period of five to 20 years, which allows for the cost savings resulting from the improvements to be used to pay back the annual amount owed.
PACE-funded improvements must be properly permitted and installed by licensed contractors, and they must meet applicable federal, state, and local energy, wind, and building code standards.
Although the City must authorize PACE programs to operate in Cape Coral, the City does not administer or operate the programs in any way. All contractual PACE agreements are between property owners and the PACE district, a non-City entity.
Currently, the City has agreements with four Districts to provide services in Cape Coral. Contact information can be found below. It is the property owner’s responsibility to research and choose the best provider for their needs.
Please be advised that the City recently entered into agreements with these entities, and programs may not be fully available now.
|
Florida Green Finance Authority Renew Financial Group, LLC |
Green Corridor Property Assessment Clean Energy District |
|
Florida PACE Funding Agency |
Florida Resiliency and Energy District (FRED) |
Is PACE Funding the Best Option for Me?
The City encourages homeowners to thoroughly investigate if PACE is the appropriate financing option for improvements to their property. Because PACE is an encumbrance on the property collected through property taxes, most homeowners with a mortgage and escrowed tax/insurance payments will see an increase in their monthly housing cost. There may be more appropriate financing mechanisms based on a household's income level.