New financing option for home and building energy-related upgrades through PACE programs
Homeowners and businesses in unincorporated Miami-Dade County interested in solar panels, impact-resistant windows and other energy-saving upgrades now have another financing option through the property-assessed clean energy (PACE) programs.
PACE allows property owners to receive upfront financing for a variety of energy-related home and building improvements and then repay the debt through voluntary assessments on their property tax bills. Approved third-party administrators will provide funding, and the assessment can be amortized over a period of five to up to 20 years, which allows for the cost savings resulting from the improvements to be used to pay back the annual amount owed.
PACE-funded improvements must be properly permitted and installed by licensed contractors, and they must meet applicable federal, state, and local energy, wind and building code standards.
The County will enter into agreements with multiple PACE Districts to foster competition and create more choices for property owners. However, the County will not administer or operate the PACE programs. All contractual PACE agreements are between property owners and the PACE District, a non-County entity. The first authorized PACE District is the Green Corridor Property Assessment Clean Energy District, whose administrator is Ygrene Energy Fund.
The County is also negotiating with the Florida Green Finance Authority, whose administrator is Renewable Funding, and Florida PACE Funding Agency, whose administrator is Counterpointe Energy Solutions. These PACE Districts may be authorized in the near future.
The Department of Regulatory and Economic Resources has additional details.