PACE Energy Solutions: What You Should Know
Or maybe you want to replace your old single-pane windows with energy-efficient dual-pane windows. That way, you can cut back on your power bill while increasing the beauty and comfort of your home.
Maybe it’s time to replace your decades-old roof, and you want an eco-friendly option.
Solar panels, dual-pane windows, and a new roof can all help you save money on your utilities. But how will you pay for these energy-efficient upgrades?
The PACE Energy Solution for San Diego
The Property Assessed Clean Energy program (PACE) can help. PACE energy solutions let you finance qualifying home improvement projects through an assessment on your property tax bill.
PACE is a government program that gives property owners the opportunity to implement energy-efficient improvements without a big upfront payment.
Essentially, you get a loan that you pay back over five, 10, or even 20 years. But you pay the loan back via an assessment on your property tax bill, rather than a monthly loan payment. That way, the payments stay with the property. If you move out, the new buyer may be able to assume the payments.
PACE financing isn’t like a credit card or a bank loan, so approval isn’t based on your credit score. And PACE won’t show up as a personal loan on your credit report.
Instead, you qualify based on the amount of equity in your home. If you have enough equity—usually 10 percent—you can get a fixed-rate loan, and you can start your energy-efficiency improvements with no money down. Even having a bankruptcy won’t necessarily disqualify you. It just needs to be discharged at least two years ago.
PACE has another advantage, as well. The interest on the loan may be tax-deductible. And in some cases, you may even be able to deduct the full payment amount. Talk to your tax professional for questions about your specific tax situation.
How to Take Advantage of PACE Energy Solutions
If you haven’t heard of PACE, you’re not alone. Most people are more familiar with the names of PACE financing providers than they are with the PACE program itself.
But whether it’s called the HERO Program or YgreneWorks or CaliforniaFIRST, the principle is the same. You get a loan to pay for the costs of home improvements that are energy-efficient or make use of renewable energy sources.
The HERO Program for San Diego
The HERO Program is perhaps one of the best known PACE providers. You can get financing for more than 50 different types of projects, including solar panels, energy-efficient windows, cool roofs, solar attic fans, attic insulation, and HVAC system upgrades.
If you live in a participating San Diego jurisdiction and you meet other eligibility criteria, you can apply for HERO program financing online. It only takes a few minutes.
Or, you can have us walk you through the process. We’re a certified HERO contractor, and we can explain the HERO financing requirements to you.
Contact us for a free in-home consultation.
YgreneWorks for San Diego
In San Diego County, YgreneWorks financing is available in Carlsbad, Chula Vista, Del Mar, El Cajon, Encinitas, Escondido, Imperial Beach, La Mesa, Lemon Grove, National City, Oceanside, Poway, San Diego, Santee, Solana Beach, Vista, and certain unincorporated areas, like 4S Ranch.
Ygrene finances all types of energy-saving improvement projects, including solar panels, roof replacement, HVAC upgrades, home insulation, solar attic fans, and energy-efficient windows.
With Ygrene, there’s no need to put any money down. In some cases, Ygrene payments may be spread out over 30 years. And you may be eligible for special offers, like no payments for up to 17 months.
We are a Ygrene-certified contractor, and we’ve helped many clients apply for YgreneWorks financing. We’ll go over all the details with you during your no-cost, no-hassle in-home consultation.
Start Saving Money on Your Energy Bill Now
PACE energy solutions—whether from the HERO Program, YgreneWorks, or another provider—give you a no-money-down way to pay for energy-saving home improvements.
You can finance a whole-home energy solution, or you can choose just one big-ticket item, like solar panels.
You pay the money back through an assessment on your property tax bill. And qualification is based on equity in your home, not on your credit score. In some cases, there are tax advantages to PACE financing, as well.
We can help you get started with the HERO Program, YgreneWorks, or the provider of your choice. We know the ins and outs of each PACE provider, and we’re happy to answer your questions.
Let us help you start saving money on your energy bill, while increasing the beauty and comfort of your home. Contact us for your free consultation today.