What are the pros and cons of PACE?

The pros and cons depend on each individual project and the property owner's financial situation. There may be other types of financing available and the County does not guarantee the PACE program is the best financing option. You might want to discuss options with your financial adviser. 

Here are a couple general advantages and disadvantages to consider when making your decision:

  • PACE allows a property owner to finance improvements without a large up-front cash payment. 
  • PACE incentivizes energy and wind mitigation improvements, since 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. 
  • The energy and insurance savings should be greater than the PACE assessment over time. Before you sign an agreement, make sure you understand what projects have the greatest energy and insurance savings. You may want to call your property insurance company to ask about rebates for particular home improvement items. It could also mean completing a home energy survey or home energy audit. The Department of Energy's Energy Saver webpage is a national resource to learn more about energy saving products and services. 
  • PACE repayment periods vary from 5-20 years.
  • Qualified PACE improvements generally increase the value of the property.
  • Under Florida law, property taxes stay with the property when it is sold and the same is true of an assessment. Therefore, if you sell the property the new homeowner could then take over the balance of the assessment; however, the seller's lender or the buyer's lender (Mortgage Company) may require pay off the remaining outstanding balance of the assessment before the property can be refinanced or sold. This is particularly true for Freddie Mac and Fannie Mae mortgages.
  • Failure to pay the PACE assessment is treated the same as nonpayment of taxes.

Show All Answers

1. What are the pros and cons of PACE?
2. How is PACE different from other financing options?
3. What is the interest rate for PACE financing?
4. What improvements qualify for PACE financing?
5. Is there a time limit or a funding limit on the amount of financing available?
6. Does a condominium qualify for PACE?
7. Do I have to pay the remaining PACE assessment in full if I sell my property?
8. What happens if my PACE assessment is not paid?
9. Can I pay my PACE assessment early?