How do I know if I might be eligible for PACE financing?

February 22, 2017

Renew Financial’s Property Assessed Clean Energy (PACE) program is a very affordable way to pay for home energy upgrades, including:

  • Solar photovoltaic (PV) installations

  • Energy efficiency improvements

  • Roof upgrades and retrofits

  • Water conservation projects

PACE financing continues to grow in popularity – especially when compared with more traditional financing methods like loans, leases, and credit cards:

  • Renew Financial’s PACE program covers the full cost of all eligible upgrades.

  • The borrowing amount is based on the equity you have in your home – and not on your personal credit history.

  • Because of our long repayment terms, you benefit from lower monthly or annual payments.

And as a final bonus, qualifying for Renew Financial’s PACE program is often easier than securing traditional financing.

But how do you know if you might be eligible?

What kinds of properties are eligible for PACE financing?

If your home meets the following criteria, it’s probably a great candidate for Renew Financial’s PACE program:

  • Your property is in a community that participates in Renew Financial’s PACE program.

  • It’s an existing home. New construction can qualify if you are or will be living in it.

  • RVs and mobile homes can qualify if they’re permanently attached and you pay property taxes.

  • Condos can qualify if you secure permission from your homeowner’s association (HOA).

There are slightly different requirements for commercial properties. If you’re a business owner, contact us directly to learn whether you qualify for PACE.

Who is eligible for PACE financing?

As an applicant, you must own the property and have some amount of equity in it. You also need to demonstrate responsible repayment history regarding mortgages and property taxes.

But note that none of these requirements include your personal credit history, nor do they affect your FICO score. In fact, most homeowners have little trouble meeting these criteria.

There’s a very good chance you’re already eligible for Renew Financial’s PACE program without even realizing it.

But how can you know for sure?

Are you eligible for PACE financing?

The best way to determine your eligibility is to start an application. And the good news is that the application process is 100% free with Renew Financial, and there’s no obligation to use the financing once you qualify.

To get started, complete a no-commitment online application today.