The Property Assessed Clean Energy (PACE) program in Broward County, Florida, is a financing initiative designed to encourage property owners to invest in energy-efficient, renewable energy, and water conservation improvements to their properties. The program allows property owners to access affordable financing for these upgrades, and the repayment is made through their property taxes over an extended period.
Here are the key features of the PACE program in Broward County:
1. Eligibility
- The program is available to both residential and commercial properties in Broward County.
- The property must be current on its taxes and have a clear title.
- It is available to single-family homes, multi-family properties, and commercial properties.
2. Eligible Improvements
- Energy efficiency improvements: Insulation, HVAC systems, energy-efficient windows, lighting upgrades, etc.
- Renewable energy systems: Solar panels, solar water heating systems, etc.
- Water conservation: Water-saving fixtures, irrigation systems, etc.
- Other green building upgrades, including hurricane-resistant improvements, may also be eligible.
3. Financing Terms
- The financing is repayable through property tax bills, typically over a period of up to 20 years.
- Interest rates are generally competitive, and financing is available for up to 100% of the project cost.
- There are no upfront costs for property owners, and approval is based on the equity in the property, rather than the credit score.
4. Repayment
- The repayment is structured as a special assessment on the property tax bill, making it part of the annual tax payment.
- The assessment stays with the property, meaning if the property is sold, the new owner assumes responsibility for the remaining balance of the assessment.
5. Environmental Benefits
- The program helps Broward County move toward its sustainability goals by promoting energy efficiency, reducing greenhouse gas emissions, and encouraging the adoption of clean, renewable energy sources.
6. Participating Lenders
- PACE financing is facilitated through partnerships between Broward County and authorized private lenders and third-party administrators. These entities manage the application, approval, and funding processes.
7. How to Apply
- Property owners interested in the program should contact one of the authorized PACE providers or lenders participating in Broward County’s program.
- They will evaluate eligibility, help choose appropriate improvements, and guide property owners through the application process.
8. Key Benefits
- No upfront costs: The financing is provided without requiring the property owner to pay out of pocket.
- Long-term repayment terms: Repayments are spread out over a long period, making it financially feasible for many property owners.
- Increased property value: Energy-efficient upgrades can increase the value of a property, which may be appealing for future buyers.
- Fixed rate financing: Provides predictability in repayment amounts.
The PACE program is one of several initiatives that promote sustainable practices in Broward County and helps residents and businesses save money in the long run while making improvements that reduce energy consumption.
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