Property Assessed Clean Energy (PACE) Financing
The City of Boynton Beach is a proud supporter of PACE (Property Assessed Clean Energy), a program that offers financing for energy efficiency, renewable energy, and water conservation upgrades with little or no upfront costs to eligible residential and commercial building owners. PACE supports the City’s Economic Development Program and Climate Action Plan through improving structure values, business opportunities, energy efficiency, financial flexibility, water conservation, and environmental conditions. PACE allows financing for new heating and cooling systems, water heaters, insulated windows and doors, efficient roofing, solar panels, lighting improvements, storm shutters, water pumps, insulation, and more for almost any property – homes, commercial, industrial, non-profit, and agricultural.
Under Section 163.01 of the Florida State Statutes, local governments may enter into interlocal agreements for their mutual benefits and allow for the creation of a separate legal or administrative entity to carry out the purposes of an interlocal agreement, such as PACE programs. For example, PACE will completely finance a project and is repaid over a period of up to 20 years through a non-ad-valorem assessment that is added to the property’s annual tax bill and remains with the property until it is sold.
Owner Benefits for Residential Dwellings
Energy efficiency is the least expensive energy we can buy. PACE in an effective financing tool because it:
- Covers 100% of a home upgrade project
- Results in savings from day one
- Helps lower electric, gas and/or water utility bills
- Results in more comfortable buildings and improved indoor air quality
- Lowers carbon footprint and improves the environment
Owner Benefits for Commercial Buildings
Momentum is building across the U.S. for commercial PACE programs that drive energy efficiency, renewable energy, and in some places, water conservation measures. Real estate owners choose PACE financing because it:
- Covers 100% up front financing, including project development costs
- Provides long-term funding and results in immediate benefit to cash flow
- Solves split incentives by passing payments to tenants
- Increases building value and marketability
- Offers a range of accounting treatments
Our goal is to offer property owners with a consumer choice of PACE providers. The City of Boynton Beach has entered into non-exclusive agreements with four PACE providers:
815 5th St
Santa Rosa, CA 95404
|Renovate America (coming Jan. 2018)
15073 Avenue of Science
San Diego, CA 92128
|Florida PACE Funding Agency
Residential (855) 509-9922
Commercial (855) 431-4400
|Florida Green Financing Authority
Renew Financial, Florida Office
Business Opportunities for Contractors
Contractors that specialize in qualified disciplines are encouraged to register with the programs so that financing is available to their consumers.
Please direct any questions about the PACE Program to (561) 742-6494.