Top 10 Benefits of PACE Financing
Thousands of homeowners are taking advantage of the Property Assessed Clean Energy ("PACE") financing program from Renew Financial (“Renew”) to afford their much-needed or wanted home improvements that make their homes more comfortable, safe, and energy-efficient.
The benefits of PACE financing are becoming more evident and particularly important for homeowners, specially under the current economic circumstances. Despite the low interest rates, banks are narrowing lending standards across the board, making it increasingly challenging for homeowners to get access to the financing they need to complete their critical home improvement projects.
If you are looking for an affordable home improvement financing option, PACE financing might be the solution you have been looking for. PACE offers many, sometimes unknown, benefits and consumer protections over other traditional home improvement financing methods. Check out the top 10 benefits to help you determine if PACE is right for your needs.
Top 10 Benefits of PACE financing:
1. PACE financing enables you to tap into your home’s equity
Cover the costs of critical home improvements using your home's equity and save your hard-earned cash or other sources of income for unexpected expenses.
2. No payment due until November 2021
PACE assessments funded on or after July 2020 will not have a payment until November 2021
3. PACE is Property-Based Financing
PACE is property-based financing secured by a lien on the property. As a result, the PACE assessment does not get reported as a credit obligation in your credit report
4. No Minimum Credit Score Required
Your credit score does not have any bearing on qualification. However, you must have a history of paying your taxes and mortgage debt against the property on time1
5. 100% Financing
All of the eligible project costs can be financed through PACE, which eliminates the requirement to pay large out-of-pocket expenses upfront
6. PACE Offers Competitive Fixed Interest Rates
7. Access up to $250,000
PACE financing can be used to cover eligible home improvement projects ranging from $5,000 to $250,000
8. Long Repayment Terms
PACE financing offers repayment terms of up to 30 years for some projects, which leads to lower and more affordable payments
9. No Pre-Payment Fees
The PACE assessment can be paid off at any time, or paid-down in increments of $2,500
10. Hundreds of Products and Projects Are Eligible
PACE financing covers a wide variety of products and projects including:
- Solar panels
- Roofing & siding
- Air-source heat pump
- Attic & ceiling insulation
- Energy efficient windows & doors
- Impact resistant windows & doors
- Heating, ventilation, and air conditioning (HVAC), and much more!