About Florida PACE
We help homeowners fund the home improvements they need with a plan they can feel good about.
Who Is the Florida PACE Funding Agency?
Florida PACE is a public entity that provides homeowners with financing options for energy-efficient and hurricane-resistant home improvements.
As an interlocal agreement established under Florida law, Florida PACE oversees program administrators who work with homeowners like you to finance their projects through long-term, fixed-rate assessments added to their property tax bills.
By partnering with Florida PACE, you can improve your homes’ safety, value and energy efficiency while investing in a funding plan you feel confident in.
Effective 7/1/2024, SB770 requires a local Ordinance in your county for us to be able to offer you PACE voluntary financing. When you apply online, we will begin to track which Florida Counties will allow voluntary PACE financing for your home or business.
Areas of Service
PACE financing can be available throughout the State of Florida. However, with recent changes to state statute, your County and/or City Commission is required to pass an ordinance or resolution to allow its residents this opportunity. Florida PACE Funding Agency has many Counties and Cities that have already completed this process and is working to obtain more each month…the current list of those areas is below. If you do not see your County or City listed, please feel free to reach out to your local commission to express your interest in having this program available to you.
Why Florida PACE?
With years of experience, a commitment to transparency and thousands of happy and satisfied homeowners, Florida PACE is the go-to home improvement funding agency you can trust.
But why choose Florida PACE over other funding options? Our program offers fixed-rate financing that won’t leave you guessing about your payments because we ensure homeowners understand their funding plan and its terms from the start.
Additionally, our focus on energy conservation and hurricane hardening improvements means that you’ll be investing in upgrades that not only make your home safer and more comfortable but also more sustainable and resilient in the face of extreme Florida weather events.
And with the ability to cover up to 100% of the costs of eligible projects, Florida PACE makes it easy to get the funding you need without having to dip into your savings or take out an expensive personal loan.
What are 3rd Party Administrators?
3rd Party Administrators are the companies that work with Property owners to fund their improvement projects. The Florida PACE Funding Agency (FPFA) oversees these companies and authorizes the funding for the projects. Below, please find the approved 3rd Party Administrators associated with the Florida PACE Funding Agency (FPFA).
Residential
Commercial
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Learn more about how Florida PACE is empowering homeowners to make sustainable and energy-efficient home improvements.
Frequently Asked Questions
What do Florida homeowners use PACE for?
Florida Statute 163.08 details a number of qualifying improvements. The majority of Florida property owners use our financing for:
- Roofs
- Windows/Doors
- Air Conditioners
- Generators
- And more!
What requirements are needed to qualify for PACE?
Applying for Florida PACE is very simple, but it does have some eligibility requirements to secure voluntary financing.
While no money down or credit checks are required, here are the things needed to qualify:
- All property taxes are paid and have not been delinquent for three years
- Current on all mortgage debt on the property
- No notices of default in the preceding three years
- No involuntary liens
Does Florida PACE regulate contractors?
Florida PACE does not regulate licensed trade professionals. Regulation and penalties can only be issued by the city/county governmental entities that authorize them to do business or the Department of Business and Professional Regulation.
It’s worth noting that the majority of complaints related to PACE are due to homeowners being dissatisfied with their contractor rather than the PACE funding method itself. Homeowners always have the flexibility to choose any contractor they prefer.
Is there a penalty to pay off my PACE assessment ahead of schedule?
With R-PACE (residential), there is absolutely no penalty for paying off your PACE assessment early. The property owner can simply visit the 24/7 online portal at POportal.com, and it will reflect interest only for the period the assessment was on the property.
With C-PACE (commercial), a prepayment penalty may be assessed.
What are the interest rates associated with Florida PACE?
Interest rates for PACE are well below any credit card interest rates, a common method for financing home upgrades. Interest rates for PACE range from approximately 6% – 12.99%.
Additionally, homeowners are not required to make any down payments. All closing fees are included in the financing total. Closing fees are approximately 6.99% of the loan amount.
PACE allows homeowners with lower credit scores equal ability to secure financing for hurricane-hardening and energy-efficiency improvements at reasonable interest rates. PACE allows ALL Floridians (even property owners with impaired credit) to live in safe and efficient homes.
*The reason interest rates are so much lower than unsecured debt (credit cards) is that finance companies know the annual payment is predictable, as it’s included in your property tax bill.*
Can a property owner lose their home because of a PACE assessment?
Yes. Any tax or assessment lien can indeed cause you to lose your home. If a homeowner does not pay their tax/assessment bill each year, the government has a very formal process of putting a tax lien on the property. In addition, the homeowner has an extended period to pay the tax/assessment bill before any tax deed proceedings would begin.
While this has been greatly exaggerated in the press, losing your home is possible if you do not pay property taxes and assessments related to PACE.
A property owner does not lose their home over an annual assessment of a few hundred dollars. Most likely, the wage earner in the household became disabled or lost meaningful employment.
*PACE assessments are a lien on the property.*
As an additional protective measure, a PACE assessment is prohibited on the property unless it has sufficient equity. Florida state statute does not allow the amount financed to be greater than 20% of the property’s just value (assessed value) without additional approval from mortgage lenders.
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Ready to start prioritizing the safety and security of your home and the well-being of your loved ones? Get the home improvements you need with a customized Florida PACE funding plan you can feel good about today.
