Property Assessed Clean Energy Program (PACE) is a novel financing program aimed at helping property owners make energy-related or resiliency-related improvements to their property. In summary, the PACE program allows property owners to obtain financing for specific types of energy saving or wind-mitigating improvements to commercial and residential property. The financing and associated administration costs are repaid through a non-ad valorem special assessment that is added to the individual property tax bill. The duration of the financing is based on the life-cycle of the improvement made. So, items like a new roof or windows, which have a long life-cycle can be finance over 15- to 20 years, while water heaters or air conditioning systems are financed over a shorter period of time. The program is completely voluntary, but allows interested property owners to finance solar-energy systems or upgrade air conditioning, water heaters, windows, even shutters without taking out a home-equity line or personal lines of credit.
The City of Delray Beach has approved four companies to offer PACE financing to residents. To learn more each of these groups and the PACE program they offer, please visit the links below.