PACE financing is easy. Choose to pay your PACE assessment on your property tax bill (for the term of the financing); or pay off or pay down the assessment by making a pre-payment.
(Option 1) Paying the PACE assessment (based on agreed-upon terms).
- Pay the assessment as you currently do -- once or twice a year, depending on how property taxes are billed where you live. (Or pay monthly through an impound or escrow account.)
- The assessment will appear as a line item on your property tax bill.
- The assessment will continue to appear on your bill for up to 30* years (based on the term length of your financing).
(Option 2) Prepayments
Another approach to paying off the assessment quicker is to make pre-payments. This may shorten the years required to repay the cost of your home improvement as part of your property taxes. A pre-payment can be done in the following ways:
- Paying down the assessment: Any additional payment made outside your regular tax bill is called a paydown.
- Paydown pre-payments must be of at least $2,500 or the outstanding assessment balance, whichever is less.
- Paying off the assessment: A payment that pays for the assessment in full is known as a payoff. By completely paying off the assessment, you remove the tax assessment from your property.
- There are no prepayment penalties should you wish to pre-pay your RenewPACE or CaliforniaFIRST tax assessment. If you are interested in paying down or paying off your assessment, please click on the button below to submit your request.