Florida P.A.C.E Program
P.A.C.E | Property Accessed Clean Energy
The types of projects PACE financing may fund are referred to as “qualifying improvements.” A local government may only offer PACE financing for projects included in the statutory definition of qualifying improvements.
QUALIFYING IMPROVEMENTS
Energy Conservation & Efficiency Improvements
Including, but not limited to:
✔️ Air sealing;
✔️ Installation of Insulation
✔️ Installation of energy efficient HVAC systems
✔️ Building modifications which increase the use of daylight
✔️ Replacement of windows
✔️ Installation of energy controls or energy recovery systems
✔️ Installation of electric vehicle charging equipment
✔️ Installation of efficient lighting equipment
Renewable Energy Improvements
Which means installation of any system in which the electrical, mechanical, or thermal energy is produced from a method utilizing hydrogen, solar energy, geothermal energy, bioenergy, or wind energy.
Florida State Senate
Wind Resistance Improvements
Including, but not limited to:
✔️ Improving the strength of the roof deck attachment;
✔️ Creating a secondary water barrier to prevent water intrusion;
✔️ Installing wind-resistant shingles;
✔️ Installing gable-end bracing;
✔️ Reinforcing roof-to-wall connections;
✔️ Installing storm shutters; and
✔️ Installing opening protections.
Types of P.A.C.E Program
There are two types of PACE programs, “Residential PACE” (sometimes referred to as “R-PACE”), which covers residential properties (1 to 4 family homes), and “Commercial PACE” (sometimes referred to “C-PACE”), which covers multifamily (5+ family homes), retail, hotels, industrial, and other types of commercial properties. Some states have enabled both types of PACE, while others have just enabled C-PACE.
P.A.C.E Financing
Property owners pay back the financing for PACE improvements through a special (non-ad valorem) assessment that is added to their property tax bill each year. Property owners repay the special assessment for an agreed upon term (usually the useful life of the improvements) and the interest rates are fixed. There are no adjustments to interest rates and no balloon payments.