Property Assessed Clean Energy (PACE) Program
PACE is available in Monroe County
In 2018, the Board of County Commissioners adopted the Property Assessed Clean Energy (PACE) Program that provides an alternative option for funding of projects that increase energy effectiveness. Property owners can finance up to 100 percent of a qualified project and pay back the funds over time through their annual property tax bill.
The program is available for unincorporated Monroe County and the municipalities within Monroe County. There may be other types of financing available to property owners and with any financial decision, property owners should consider seeking professional assistance in selecting the option most appropriate for their particular financial situation.
In December 2018, 18 projects for a total of $1.1 million have qualified for the program in the Florida Keys, according to Ygrene Works, one of four providers of the PACE program in the County. Ygrene Works has approved 11 projects on unincorporated Monroe County, three projects in the City of Marathon, and one project each in Islamorada and Key Colony Beach.
What is PACE?
PACE is a tool that residential and commercial property owners can use for financing energy efficiency, renewables, and wind resistance improvements. It is a voluntary program that enables long-term savings, furthers regional energy and resiliency goals, and supports local economic development.
- Energy Conservation and Efficiency for lighting, heating, AC, tankless water heaters and duct replacement, and attic insulation
- Wind Resistance, like high impact windows, strapping, window and door sealing, water barriers, and roof replacements
- Renewable Energy, like solar panels, inverters, and pool heating
- Lower utility bills and energy savings
- Lower insurance with wind resistance projects
- No upfront, out-of-pocket money to do improvements
- Payback times commensurate with return on investments, like for solar projects
- Vetted contractors by the program
- Interest rates are comparable with other financing tools
Financing is repaid as an assessment on the property’s regular tax bill.
How to apply
The four County-approved PACE providers can answer questions about qualifying projects, financing terms, and a list of approved contractors.
Each provider will be slightly different with its own program guidelines; however, the basic steps are:
County-Approved PACE Providers
County-approved PACE providers operate in unincorporated Monroe County in cities and towns that do not already have a program, and in cities and towns that have a program but have also taken appropriate legislative action to participate in the County PACE program. It is recommended that you reach out to individual PACE providers for specific information on qualifying improvements, financing terms, and their list of contractors. The PACE providers approved under the Monroe County PACE program are Grene Works, Renovate America, Counterpoint, and Renew Financial.
- What are the pros and cons of PACE?
- How is PACE different from other financing options?
- What is the interest rate for PACE financing?
- What improvements qualify for PACE financing?
- Is there a time limit or a funding limit on the amount of financing available?
- Does a condominium qualify for PACE?
- Do I have to pay the remaining PACE assessment in full if I sell my property?
- What happens if my PACE assessment is not paid?