Energy efficiency may help save the planet, but it could also help save you money. According to a recent article by the Sun Sentinel, Florida consumers finance energy efficiency improvements with no money down and no credit check could save money. More providers are offering Property Assessed Clean Energy (PACE) programs, and the competition could bring PACE prices down for consumers in Florida.
“Having them compete against each other, ultimately we’re going to see better consumer protections, interest rates and contractor controls,” Paul Handerhan,a principal of the new Fort Lauderdale-based company, Clean PACE Inc., created to promote and certify program providers in the PACE program, said Thursday. “We’re seeing that now. PACE providers are starting to get somewhat competitive in their offerings in order to gain market share.”
Repayments can be set up for construction projects that improve a home’s energy efficiency. That includes setting up solar panels, new heating and/or cooling systems, new roofs, and more. Competition could drive down rates for refinancing these projects.
“Competition is good for consumers and good for cities and counties they serve,” said Chris Devries, CEO of Renew Financial. “Our approach is to encourage multiple PACE providers in cities so everyone benefits.” But it’s critical for the programs to have strong rules – “clear disclosures to consumers and protections for everyone involved so this continues to evolve.”
Renew Financial has “hundreds of thousands of dollars” in contracts signed for approved projects for Florida homeowners. According to Handerhan, some interest rates may be as low as 5.9 percent for PACE programs.
At RE/MAX Paradise, we support helping the environment, and it is great news that PACE prices may be going down. If you would like to discuss energy efficient home improvements or environmentally friendly homes in Miami, please contact one of our agents today!