PACE stands for Property Assessed Clean Energy. The PACE programs is an innovative mechanism for financing impact windows and doors as well as other energy-efficient improvements on your private property.
As the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy explains, “PACE programs allow a property owner to finance the up-front cost of energy or other eligible improvements on a property and then pay the costs back over time through a voluntary assessment.”
What makes the PACE program so unusual and unique?
PACE assessments are attached to the property rather than the individual. as the Office of Energy Efficiency and Renewable Energy, “A PACE assessment is a debt of property, meaning the debt is tied to the property as opposed to the property owner(s). In turn, the repayment obligation may transfer with property ownership if the buyer agrees to assume the PACE obligation and the new first mortgage holder allows the PACE obligation to remain on the property.” This can address a key disincentive to investing in energy improvements because many property owners are hesitant to make property improvements if they think they may not stay in the property long enough for the resulting savings to cover the upfront costs.
In other words, if you have been hesitant about investing in impact windows because you’re not sure if you will be living in your home long enough for your investment to pay off, you can relax. With PACE financing, the loan is tied to the property, so it may transfer to the new owner.
Sanctuary Impact Windows & Doors is proud to offer PACE financing for impact windows through FortiFi because we have found that Fortifi has better rates and lower fees than other financing options, such as Ygrene.
If you have questions about this innovative way to finance impact windows or would like more information about PACE financing, please contact us.