What is PACE?
A new funding option for upgrading your home or business with energy efficiency improvements or hurricane protection is now available to City of Fort Lauderdale residents and businesses. If you qualify for the Property Assessed Clean Energy (PACE) Program, the program can provide the upfront cost needed to make improvements that will save you money on your utility bill and that will protect your home or business from tropical storms. The PACE program is also beneficial to you because it allows you to make the improvements you want to make now -- helping our City to achieve our sustainability goals that much faster -- and for you to pay them off over the course of 5-20 years in most cases.
How Do PACE Programs Work?
Under state law, the City of Fort Lauderdale can participate in PACE programs to fund energy efficiency, renewable energy, and wind resistance improvements on private property. PACE programs can provide you with up to 100% of the up-front funding you need to make improvements. The equity in your home or business secures the upfront costs for qualifying improvements. Debts incurred through this financing program are tied to the property and may be transferred to the new property owner should the property be sold. In order to qualify, you must have paid your property taxes for the preceding three years and the improvements may not exceed 20% of the just value of your property except under limited exceptions (and meet other program requirements which vary by provider).
The estimated utility costs and insurance premium savings from the improvements will help you pay for the improvements over a 5-20 year, fixed interest agreement (repayment can be extended up to 30 years in some cases). If you opt into the program, payments are made annually as a non-ad valorem assessment on your property tax bill which can be paid monthly if you have a mortgage escrow account.
Which PACE Programs Are Available?
The PACE programs listed below are available in the City of Fort Lauderdale:
The City may consider adding additional PACE providers in the future.
What Can PACE Do For Our Neighbors?
PACE is a funding option that allows property owners to cover upfront costs to make needed home improvements. Qualifying improvements include but are not limited to: Air conditioners, roofing, hurricane impact windows, insulation, solar panels, and water efficient fixtures. Improvements made through programs like these have the ability to raise your property’s value and lower utility bills and homeowner’s insurance costs. You can also Green Your Routine by reducing energy and water use in other ways.
How Does PACE Build Community?
The program promotes economic development and expansion of a green economy by providing jobs through local construction and contracting companies. It supports our community’s ongoing sustainability efforts to reduce greenhouse gas emissions and to increase the use of renewable energy. Finally, it helps our neighbors to continually be more prepared for the risks of major storms and hurricanes.
What if I am in Broward County, But My Home or Business is Not Located in Fort Lauderdale?
If you are interested in PACE and live in Broward County, but outside of the City of Fort Lauderdale, please click here.