Broward County, Florida is the most recent community to approve Property Assessed Clean Energy (PACE) financing, reducing financial barriers of renewable energy and energy efficiency retrofits to the county's 1.8 million residents. Under PACE, property owners can borrow money from a local government to pay for renewable energy or energy efficiency improvements. The loan is repaid as an assessment on the owner's property tax bill allowing the property owner to begin saving money on their electricity bill while paying back the loan over a long period of time. PACE financing in Broward County is available for solar panels, LED lighting, HVAC and wind-resistance improvements. In addition to reducing upfront costs, PACE ties the cost of home improvements to the property itself, allowing the repayment obligation to transfer with the property if it is ever sold. Currently, 29 states and Washington D.C. have passed legislation allowing PACE financing.
Press Release -
Broward County To Make Renewable Energy Affordable; Florida Green Energy Works To Provide Open Market PACE Program
Additional Information -
DSIRE Solar, PACE Financing