Smart home energy financing

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RenewPACE

RenewPACE: A smart solution for homeowners

With RenewPACE financing, you can receive 100% financing for energy efficiency, renewable energy, water-saving, and resiliency upgrades, repaid on your property taxes over the course of 5-25 years. With RenewPACE financing, the amount you can borrow is based on your home equity, and the interest rate is fixed, with no surprises. You can borrow up to 20% of your property value, and the balance may transfer to the new owner upon sale of the property, subject to lender approval. 

Offered in cooperation with state and local governments, RenewPACE is simple and easy to use with superior customer support.

Why choose RenewPACE?

  • 100% financing with no upfront out-of-pocket costs
  • Fast in-home approvals
  • Borrow up to 20% of property value
  • Flexible repayment terms: 5, 10, 15, 20 or 25 years
  • Balance may transfer to new owner upon sale, subject to lender approval

Quick and easy process

  • Select a Renew Financial Registered Contractor who will help you through the process every step of the way.
  • Apply online or by phone at 844-589-7953. Approvals can happen in minutes!
  • Sign financing documents electronically. No need to go to the bank.
  • Your contractor will complete your energy efficiency and/or renewable energy project.
  • We will pay your contractor directly once you are fully satisfied that the work is done.
  • Repay the financed amount on your property taxes. No separate bill to remember!

Eligible Projects

Renewable Energy

Generate your own electricity with a solar or wind system, heat your pool with a solar hot water heater, charge your electric vehicle, and more. 

Energy Efficiency

Upgrade to a new heating and cooling system, install new windows and doors, insulate your home, and more.

Safety and Resiliency

Prepare your home for severe weather with wind-resistant shingles, storm shutters, storm doors, and more.

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FAQ

How do I qualify for financing?

Qualifying for PACE financing is primarily based on:
• The property’s estimated market value;
• The amount of the property owner’s equity in the property;
• The property owner’s recent mortgage and property tax payment history; and
• The dollar value of the proposed improvements;
Qualifying is not based on FICO score

How much money can I borrow?

The minimum amount that can be financed is $5,000. The maximum financing is a percentage of the value of your property, but may not exceed $250,000. See the PACE Program Handbook for your region for the exact determination of project eligibility.

What are the interest rates?

As of May 2016, our interest rates are:

Years to RepayInterest Rates
56.75%
107.59%
157.99%
208.29%
258.39%

Interest rates are subject to change. Please consult with your contractor to confirm the current interest rates.

How is the length of the repayment period determined?

Repayment periods can be 5, 10, 15, 20 or 25 years, depending on your preference and are limited by the expected useful life of the most costly product of the project’s financed improvements.

How does repayment work?

As a property owner applying for PACE financing, you will agree to a levy of a ‘’contractual assessment’’ on your property. You will receive funds to pay the up-front costs of installing the approved improvements. The PACE assessment will appear as a new line item on your property tax bill.

Are there any penalties for prepayment of the PACE assessment?

There are no penalties for paying all or a portion of the PACE assessment early. Please see Question 18 below for additional information.

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