Energy Energy
PACE Financing

 Pace Portal

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, Valuable Results

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 PACE provider.
  • 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

Last updated: Wednesday, 06/29/2016
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Solar Santa Monica is a free service for residents and businesses looking to go solar. Solar experts are available to provide you unbiased technical advice to help you navigate the changing rules, incentives and financing options. Learn more about Solar Santa Monica, or get started by calling 424-262-SAMO (7266).

 

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