FAQ | Florida Pace Program Funding Questions
Frequently Asked Questions
To be eligible, the financing Property Owners must meet the minimum criteria below:
- Be the owner of record;
- Be current and have no missed or late property taxes or mortgage payments
- in the past three (3) years or period ownership, whichever is less
- Have no involuntary liens on the property; and
- Currently not in bankruptcy
How is This Funded?
RenewPACE is a government-supported financing program that provides funding for home energy efficiency, renewable energy, and wind resistance improvements. You simply apply, complete your projects, and repay the financed amount on your property taxes over the course of up to 25 years.
Does PaceMy Space Do the Financing?
Pace My Space does not make loans or assessments and is neither a lender nor a broker. Financing is provided by energy finance leader Renew Financial in cooperation with local governments, and financing approvals are subject to standard credit acceptance and documentation requirements.
Can this Be Transferred When I Sell My House?
Because RenewPACE PACE financing is property-based, it can stay with the house if it is sold (payments transfer to the new owner). However, situations can arise where the assessment may need to be paid off or is not able to transfer, but in most cases RenewPACE financing payments may transfer to the new owner when you sell your home.
What are the benefits for residential property owners?
Wind mitigation improvements can provide a safer home and protect your loved ones and the contents of your home during a damaging wind event (e.g., hurricane). These improvements may also reduce the wind portion of your property insurance bill by up to 77%, depending on the age of your home and type of improvement.
How is this better than Traditional Financing?
RenewPACE offers a number of benefits over traditional bank financing, including:
• True Fixed Rate™—affordable fixed interest rates and monthly payments that never rise
• Not based on FICO score
• No money down; receive up to $200,000
• No prepayment penalty
• Flexible repayment terms
Now that RenewPACE is available in your community, this great opportunity to make upgrades to your home. RenewPACE covers a wide range of efficiency projects, including:
• Heating & cooling • Windows & doors • Insulation • Cool roofs • Solar panels • Gable-end bracing • Storm shutters • And many others
We have Experts That Can Answer Any Additional Questions You May Have. Please Call us at
954-545-3511 or 727-786-9200
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LOCATIONS: Central & South Central Florida
PHONE: 727-786-9200 or 954-545-3511
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