Choosing the right financing option and contractors for home improvements can be a quite difficult process..
Many homeowners are left struggling solely because of the lack of connections or knowledge towards home improvement (especially energy efficiency and renewable energy projects)
Don’t worry! Pace Avenue is the perfect solution for homeowners who are experiencing this struggle.
We took the time to answer the top five most popular questions that homeowners have before following through with Pace Avenue.
As always, if you have further questions, feel free to give us a call at (866) 722-3415
1. What is the difference between the PACE program, and Pace Avenue?
The Property Assessed Clean Energy program (PACE) allows homeowners to pay back the upfront costs of renewable energy, energy efficiency, and water efficiency home improvements through assessments added to their property tax bill. That way homeowners avoid taking out a costly private loan for these expenses. PACE’s financing is approved by the city’s municipality in an effort to reduce energy/water consumption, improve property values, and create local construction jobs. Overall, the PACE program grants flexible financing for homeowners to afford these type of home improvements, while contributing back to the community’s environment.
Pace Avenue is a PACE administrator company that sends out canvassers to educate Bay Area homeowners about the benefits of the PACE program. When a homeowner chooses to work with Pace Avenue, an experienced home improvement consultant will assess the homeowner’s needs, and work with one of our pre-approved contractors to develop a proposal. Once the homeowner accepts the proposal, that is when the home improvement projects start to begin. The assistance from the Pace Avenue team provides an easier process for homeowners who are interested in home improvements by connecting them with affordable financing partners and licensed contractors.
2. Who is eligible for PACE Financing?
Any property owners who live in a city or county where the PACE program has been approved to operate by the local government is eligible.
Eligibility requirements are based on a number of factors that primarily include:
- Amount of equity held in home
- Recent bankruptcy history
- Property tax payment history
- Project eligibility
PACE programs are administered at the local level and requirements may vary city by city. Credit score is not a factor, but the credit history of all homeowners on property title are thoroughly reviews. The only way to know if you are qualified for PACE is to fill out a PACE Financing application.
3. What type of home improvements can I request funding for?
Once your eligibility has been determined you can requesting funding towards any project that:
- Creates renewable energy (Solar Panels)
- Conserves water (Drought Resistant Landscaping)
- Reduce energy through improved efficiency (Insulated roofing, double-pane windows, HVAC etc.)
These funds are available for use by residential property owners towards any of the eligible products and projects.
4. How do I know your contractors are reputable?
Pace Avenue only works with selected contractors in order to ensure an extremely positive homeowner experience and uncompromising project quality.
Our contractors must comply with the following rules:
- A satisfactory rating of “B” or better with the Better Business Bureau and other online review websites such as Yelp and Angie’s List
- A valid business license for any jurisdiction where they will be performing any construction work under the program
- Must be in business for at least one year installing the equipment, products or materials indicated on their contractor’s license
- An active license in good standing with the California Contractors State License Board (CSLB)
- The required CSLB bonding and workers compensation insurance and general liability coverage.
The selection of a registered contractor and acceptance of the materials used and the work performed represents an agreement between the homeowner and the contractor. We thoroughly vet our partners and ensure that all the requirements are met to qualify for PACE financing, but do not endorse any other entity or person involved with the projects, products or design of the products or warrant economic value, energy savings, safety, durability or reliability of the solutions you install.
5. What happens when I sell my home with a PACE assessment?
Unlike other forms of financing, PACE assessments can be transferred from homeowner to homeowner during a sale of a home. As PACE assessments become more common, the mortgage industry have been adapting to PACE as well. The Federal Housing Administration (FHA) has charted a path forward for the mortgage industry by putting forth guidance stating that properties with subordinated PACE loans can be purchased and refinanced with an FHA-insured mortgage.
– Hopefully we were able to answer your questions here, however we have more FAQ’s on our main website: https://paceavenue.com/faqs/