Welcome to the Santa Monica PACE
portal! Here you can learn about how to complete energy and water efficiency
improvements, renewable energy systems installations, and seismic retrofits for
your home or business using Property
Assessed Clean Energy (PACE).
PACE: Simple Idea,
Traditional financing models for energy and water efficiency
projects are often limited by short repayment periods, strict credit
requirements, high or variable interest rates, and limited availability.
Alternatively, PACE employs a unique financing model of special property
assessments that are paid over up to 20 years, accounting for the savings
accrued from improved building efficiency.
Residential and commercial property owners throughout the
United States currently use PACE to pay for 100% of their projects’ costs,
while making their buildings more valuable. Financeable projects include new
heating and cooling systems, insulation, water pumps, lighting improvements,
solar panels, energy storage, and seismic retrofits for almost any qualified
residential or commercial property.
HOW PACE Works
The PACE process hinges on creating assessments that are
tied directly to a property, and repaid via the property owner’s tax bill2.
PACE pays for 100% of a project’s upfront costs, and makes longer payback
projects immediately cash flow positive. Almost any residential or commercial building is
eligible for PACE financing, including single-family homes, multi-family residential
buildings, offices, hotels, and retail, agricultural, and industrial structures1.
Engage a PACE Provider:
- Seclect a preferred PACE provider: PACE financing is delivered through local contractors that are
trained and certified by the PACE provider. Even your preferred contractor can
be certified to provide PACE financing. PACE providers generally offer the same
upgrades but may differ in terms of their requirements and loan terms. Please
use this comparative matrix to find your preferred PACE provider.
- Develop your project: Work with your
selected contractor to identify the upgrade measures to be implemented. All
measures must be approved by the PACE provider. Most PACE providers are able to
provide same-day approval.
- Complete your project: Once approved,
the PACE contractor will implement the upgrade measures. After you have signed
a Certificate of Satisfaction, the contractor will receive payment from the
- Enjoy savings & increased property
value while making PACE payments: After your project is complete the PACE
provider arranges financing for the project by adding an assessment to the
property, which is payable in semi-annual installments on the property’s tax
bills. A lien is filed against the property as security until the assessment is
repaid. The assessment is tied to the property and not the property owners,
staying with it should the property be transferred or sold before being repaid.
Frequently Asked Questions