How Does PACE Solar Financing Work in Florida?

For many Florida homeowners, cash and low-interest solar loans are 2 of the most popular ways to finance a new photovoltaic (PV) installation. But both of these approaches have certain limitations:

  • Cash delivers the highest returns and shortest payback periods. But not everyone has the disposable income to finance a new PV system entirely out-of-pocket.
  • Solar loans are a great option. But to receive the lowest interest rates, you need excellent credit. And depending on your borrowing history, some lenders won’t work with you at all.

Fortunately, there’s a 3rd option – one that combines the best of both worlds. PACE financing allows you to go solar affordably with $0 upfront. And even with imperfect credit, there’s a good chance you’ll still qualify.

PACE Solar Financing at a Glance

Short for Property Assessed Clean Energy, PACE is a unique type of solar financing that provides you with full PV system ownership – without requiring any upfront payments.

The process begins when you borrow money from an authorized PACE lender. However, this solar loan isn’t tied to personal guarantees. Instead, it’s linked to your home or business. And over the 20 to 30 years of your PACE agreement, you’ll have a slightly higher property tax bill.

However, you’ll never have to pay anything directly out-of-pocket with a PACE solar loan. Instead, you use your utility bill savings for the year to pay off your annual property tax bill. And because of how PACE loans are structured, you’ll always have money left over at the end of each yearly billing cycle.

In other words, PACE solar financing guarantees that you’ll consistently save money over the 20 to 30 years of your agreement.

And the advantages don’t stop there.

Additional Benefits of PACE Solar Financing

At Capital Construction & Development, nearly 85% of our customers use the PACE program to pay for their PV systems. And guaranteed savings are only part of the picture.

Below are some of the other reasons why our customers consistently choose PACE over other solar financing options:

  • PACE financing is affordable. It costs $0 upfront to get started. And your first payment isn’t until the next tax season. By then, you’ll have accumulated enough savings through your solar installation to easily pay off that bill.
  • Your personal credit history doesn’t come into the picture, making PACE an ideal option for those with less than perfect scores. The only caveats are that you can’t:
    • Have filed for bankruptcy in the past 2 years.
    • Be behind on your annual property taxes.
    • Currently be in default on your mortgage payments.
  • All interest payments under the PACE solar financing program are tax deductible.

Is PACE Solar Financing Right for You?

Every homeowner is different. And there may be compelling reasons to explore some of the other solar financing options out there. But depending on your budget and credit history, PACE may be a perfect fit.

There’s a reason why 85% of our customers choose PACE solar financing over cash or loans. It costs $0 upfront. And you still qualify – even if you don’t have perfect credit.

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