Reduce your home's water usage with efficient indoor plumbing, beautify your property with drought tolerant landscaping, and more.
RenewPACE: Innovative energy financing for homeowners
With RenewPACE financing, you can receive $0 down financing for energy efficiency, renewable energy, water-saving, and resiliency upgrades, repaid on your property taxes over the course of 5-30 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 local governments, RenewPACE is simple and easy to use with superior customer support.
What is RenewPACE?
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.
Upgrade to a new heating and cooling system, install new windows and doors, insulate your home, and more.
Prepare your home for severe weather with wind-resistant shingles, storm shutters, storm doors, and more.
PACE allows property owners to finance the installation of energy and water improvements on homes without putting any money down. Property owners pay back the funds that were used to finance their home improvement project as a line item on their property tax bill.
PACE is financed through assessments collected on the property tax bill, and the assessment obligation may be assumed by the new owner when the property is sold.
Renew Financial's residential PACE programs are available to property owners in California and Florida. See the PACE coverage map lists of all jurisdictions that have opted in to PACE programs.
No. Renew Financial uses private capital to fund every project. Costs to administer the program are paid by program participants through fees that are rolled into each project’s financing. County tax assessors and tax collectors incur small costs to place each PACE assessment on the tax rolls and to collect and distribute the PACE assessment payments. Counties are reimbursed for these costs through the above-mentioned fees. Cities do not incur any costs as a result of opting in to the program.
Yes. Utilizing PACE financing is completely voluntary. Properties and property owners that don't participate remain unaffected.
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