- January 19, 2015
PACE (Property Assessed Clean Energy) Program Financing
What is PACE?
PACE is a financing program that partners with your city to help you finance a home solar energy system or other energy efficiency improvements. Through this partnership, you have the ability to finance a new solar system by receiving a loan from the city which you then pay back to them through your property tax bill.
PACE Explained in 90 Seconds
The Benefits of PACE
- No credit check required. The assessment is on the value of your property, not your personal financial performance.
- There is NO upfront cash required.
- When your property sells, the tax liability goes to the new buyer of the property.
- PACE can be shared with tenants (for multi-family housing properties)
- It’s widely supported in California and backed by cities.
How Does PACE Work?
- The city partners with Sunworks to administer the program (or the city decides to do it themselves). The program is usually funded with municipal bonds.
- Sunworks performs an evaluation on your property for solar power or energy efficiency improvements and provides you with the assessment.
- Sunworks provides you a solar solution quote, identifies the best program available for your specific needs, and walks you through the application process.
- Sunworks manages your solar energy system project from beginning to end.
- Once solar is installed on your property, you will make payments on your property tax bill, amortized over 15-20 years, at a competitive rate of interest.
- If the home is ever sold, the solar system goes with it along with any tax liability.