As of fall 2016, the City of Orlando now provides a new set of financial tools to home and business owners to help them lower their utility bills and make our buildings more energy and water efficient through the Property Assessed Clean Energy (PACE) program. PACE removes the barriers of high upfront costs and provides low-interest financing to help residents and business owners looking to modernize, mitigate wind damage and improve the energy and water efficiency of their property.
The program, approved by the State of Florida for local communities to implement, uses approved third-party administrators that provide funding through a special assessment levied on the property. As a result, the loan stays with the property and allows the assessment to transfer when a home or building is sold. Payments for the assessment are made through annual property taxes. This 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 amount owed.
Currently, more than 60 cities and counties throughout Florida have enabled PACE financing, including Leon and Escambia Counties, City of Kissimmee and Miami-Dade County.
What is PACE?
Homeowners and Business Owners
In the Orlando PACE Program, businesses and homeowners can choose from these four state approved third party administrators:
Ygrene Energy Fund is the nation’s leading multi-state provider of residential and commercial property assessed clean energy financing. The award-winning, privately funded YgreneWorksTM program provides immediately accessible financing with no upfront costs for energy efficiency, renewables, and, in certain areas, water conservation, hurricane protection, electric vehicle charging stations and seismic upgrades. Ygrene is committed to making it easy for families to invest in their future and a healthier environment. Over the next five years, YgreneWorks is projected to create tens of thousands of local jobs and invest hundreds of millions into local economies.
For more information about YgreneWorks:
Central Florida Regional Account Manager
Residential PACE: http://ygreneworks.com/homeowners
Commercial PACE: http://ygreneworks.com/commercial
RenewPACE is a program of the Florida Green Finance Authority, a partnership of local governments from across Florida. In partnership with multiple banks and financial institutions, they offer the only Open Market-based PACE finance program in Florida to help residential and commercial property owners finance energy efficiency, renewable energy and wind resistance improvements. They also offer businesses tools to make their operations more sustainable, protect consumers and have received recognition for their achievements.
For more information about RenewPACE:
Residential PACE: https://renewfinancial.com/homeowners
Commercial PACE: https://renewfinancial.com/category/commercial-pace
The AllianceNRG ProgramTM is the residential PACE program and CounterpointeSRETM Program is the commercial PACE program offered by the Florida PACE Funding Agency. The AllianceNRG Program and the CounterpointeSRE Program offer a simple and competitive financing solution for energy efficiency and conservation, renewable energy and wind resistance improvements. Both Programs offer 100% financing at competitive fixed rates over the useful life of the improvements, up to 30 years. Using the Programs’ online capabilities, property owners can apply for financing. Rates for residential improvements are 5.99% regardless of the term. Rates for commercial improvements vary depending on the term.
For more information about AllianceNRG Program or CounterpointeSRE Program:
Through partnership with the City of Orlando, Renovate America’s HERO Program will be available early 2017 as an affordable way to make energy efficiency, hurricane protection and performance upgrades to your home. There are over 1 million products for every part of a home, including storm shutters, high-efficiency heating and AC systems, roofing, windows, doors, and solar systems. HERO’s network of registered contractors have agreed to meet our industry-leading consumer safeguards.
Homes improved through the HERO Program not only benefit our community and the environment – they can make your home more comfortable, help lower utility bills, and may increase your property’s value down the road. To be notified as soon as the HERO Program is available in Orlando, visit www.heroprogram.com/coming-soon
For more information about the HERO Program:
Director of Market Development – Florida