We have noticed a larger number of Solar Panel installation requests and wanted to share some valuable information.
Pasco County provided a nice concise write-up on the Residential PACE (Property Assessed Clean Energy) Program which you can read here: pascotaxes.com/faqs/pace-program/.
Some Highlights:
- Program is not free!
- You pay the loan through your Property Taxes with interest and an administration fee over 20 years.
- As this is attached to your Property Taxes, you could lose your home through a tax certificate if not paid.
- When selling your home, the loan is attached to your home. Fannie Mae, Freddie Mac, the Federal Housing Administration, and Department of Veterans Affairs will not insure mortgages with PACE loans. Other lenders are also not required to accept the loans.
For additional insights on the Pro’s and Con’s of PACE funding, please also reference this article which offers both sides: Pros and Cons of PACE Loans: Financing for Upgrades (thebalance.com).
Do your research before you sign!
