Your project is complete to your satisfaction, and Renew has paid your contractor. Now what?
Payment will be based on how you pay your property taxes, either yearly, twice-a-year, or monthly through an escrow or impound account. It’s possible that you won’t see your first bill for up to 17 months, depending on your specific tax cycle.
Given the addition of the PACE payment, you should expect an overall increase in the amount due. PACE payments will show up as a line items on your property taxes, along with any other special assessments.
Your lender determines if there is enough money in your account to cover the additional payment. If there’s a shortage, they will notify you and make the appropriate adjustment in your monthly payment to ensure that you have enough funds for current and future property tax payments. We recommend contacting your mortgage lender to let them know you now have PACE financing. They can determine what needs to happen in order to handle these sorts of assessments.
Our PACE Payment Worksheet will help you determine how much you need to save to cover your costs.