What is PACE financing?

Property Assessed Clean Energy (PACE) is an equity and income-based financing program approved by State legislation. Local governments opt into the program to make it available to homeowners in their community. PACE allows homeowners to finance safety and efficiency-related home improvements permanently fixed to real property through a voluntary contractual assessment (known as a PACE assessment). PACE financing is secured by the property.

Funded with private capital, PACE financing is paid through an annual property tax bill assessment. Although PACE payments are billed annually, the timing and method of payment will depend on when the county collects the property taxes and how the homeowner pays for their property taxes.