PACE Financing for Solar is eligible throughout Florida to allow you to install without paying the upfront costs.
This is a great solution for homeowners who can’t afford a solar installation under usual circumstances. We hope this guide on PACE financing for Solar in Florida will help you understand it clearly:
What is PACE Financing for Solar?
PACE Financing (Property Assessed Clean Energy Financing) is a Florida solar financing model that allows you to install solar without paying upfront costs out-of-pocket.
The PACE model provides you with the funds to cover the expenses. You pay it back over time through your property taxes.
PACE is designed to fund renewable energy projects, such as:
- Solar P.V. Systems and Solar Panels
- Solar Battery Banks
- Solar Retrofits
Pace Financing Is NOT a Loan
- PACE financing is not considered a loan, as it’s repaid via property taxes. This makes it a property assessment and not a loan.
- PACE doesn’t affect your credit and you can defer payments for up to 2 years.
- PACE programs are provided by state legislation and local government – it is not a government incentive or subsidy program.
|PACE||Solar Loans||Credit Card or Unsecured Credit||Solar Lease|
|Low Interest Rates||✓||✓||✖||✖|
|Spread Costs Over Decades||✓||✓||✖||✖|
|Eligible for Tax Credits?||✓||✓||✖||✖|
|Do You Own The Solar Panels?||✓||✓||N/A||✖|
|Can Boost Property Value?||✓||✓||✖||✖|
Read Related: Solar Tax Credit Increased to 40%!
Don’t Get Ripped off by Solar Leases
Many people fall for the trap of thinking solar leases are a great deal. They’re not! Although they may seem like a great option, you will actually end up paying more in total and upfront than you would with an ownership financing route (like PACE financing).
Remember, with a solar lease you:
- You never own the solar equipment with a solar lease.
- You will miss out on local incentives.
- You will not be eligible for federal tax credits (which could save you thousands of dollars).
- Solar loans increase the monthly installment once per year, undercutting savings.
- You may pay more in total than you would if buying solar panels.
- Panels cannot boost property value, as they’re not part of your property.
- Can prove complicated if you need to move or sell your property.
- The lease must be included in your debt-to-income ratio because leased systems are considered personal property and not part of your house!
Be Wary of Predatory PPAs!
Power Purchase Agreements are also advised against. These models see the installer retain ownership of the solar equipment but still charge you a fixed rate for the electricity produced. You pay a monthly bill.
You may end up paying a raised cost at certain points too. If you’re getting solar, do you really want to continue paying more bills? That defeats the point.
- PPAs will cost you more over time than PACE financing or a loan.
- You won’t own your solar panel system, ever.
- You can’t benefit from federal tax credits.
- You can’t benefit from local incentives.
- You will find selling your home complicated.
- You may have to pay high termination fees if you break the agreement.
If a solar installer tries to get you to do a PPA, be warned! They’re predatory! They just want your money, without you ever getting to own the equipment!
How to Qualify for PACE Financing
To qualify for PACE financing for solar installations in Florida, you must:
- The property owner cannot have a record of bankruptcy in the previous 5 years.
- You cannot be subject to bankruptcy.
- Be up to date on property tax payments.
- You must have equity in the home.
- Eligible through almost all of Florida
Is PACE Financing Right For Me?
- Make sure you understand what you’re signing up for.
- ONLY use a reputable and fully certified Florida solar contractor.
- Know the interest rates, project costs, fees and payment terms.
- Ensure you can pay for the increase in property tax.
If you’re interested or have any questions, then contact Florida Power Services ‘The Solar Power Company’ today. We’ll help determine your eligibility for PACE financing and see how much money solar can help you save.
If you’re looking to apply for PACE Financing in Florida, we recommend Ygrene. It is currently open for applications for PACE from Florida, with decisions made within 30 minutes of application submission.
- No Money Out of Pocket
- No Payments For 17+ Months*
- Approval Based Primarily on Home Equity^
- Does not affect your credit score
- Get Prequalified in Seconds
What Do You Recommend?
Florida Power Services ‘The Solar Power Company’ recommends using a fixed-rate loan, or PACE Financing option over a solar lease or PPA.
Solar leasing is no longer as appealing as it was 15-20 years ago. In our opinion, it rips solar customers off. As panel costs have decreased significantly, there are far better options for solar financing now available.
Read Related: Guide to Buying Solar Panels in Tampa
How Can I Get a Solar Loan?
If you’re interested in getting a solar loan in Florida, you’re in the right place. We have partnered with local financing companies to offer solar loans that:
- Start from 3.99% APR
- With no prepayment penalties
- Loan payments are lower than utility bills.
We advise you to take action now to avoid the rising costs of utility power, which increased as much as 2-3 times over the past year.
Get PACE Financing or a Solar Loan in Florida Today
Florida Power Services ‘The Solar Power Company’ recommends using Ygrene.com for applications for PACE financing in Florida. We also welcome you to contact us for further information on starting your solar installation, so you can achieve your solar dreams fast!
Don’t forget that now is the time to act to save 30% through federal tax credits.
Contact Florida Power Services “The Solar Power Company” today to get started on your Florida solar installation Lock in your price now, before it’s too late! Apply for a Fixed Rate Solar Loan Today!
Disclaimer: Florida Power Services and this blog should not be used as tax or financial planning advice. Contact your accountant for the best advice relevant to you.