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Broward Rolls Out Innovative PACE Program
  
  
DATE: June 17, 2016
MEDIA CONTACT: Kimberly Maroe 
Public Information Manager, Broward County Commission 
PHONE: (954) 357-8053

EMAIL: kmaroe@broward.org


BROWARD COUNTY, FL - Need some energy improvements in your space? Obtaining financing for solar panels, hurricane windows and other energy saving upgrades just got a lot easier for Broward County homeowners and businesses.

Broward County Commissioners have approved a county-wide property assessed clean energy (PACE) program that allows property owners to receive upfront financing for a variety of energy-related home improvements. Property owners then repay the debt through voluntary assessments on their property tax bills. This method of financing allows people to make significant energy improvements that may otherwise be cost prohibitive, and without impacting their credit scores.

"PACE financing provides a unique means of broadening community-wide access to affordable energy and resiliency improvements that deliver economic and environmental benefits. It allows property owners to overcome the barrier of steep upfront costs. Insurance costs may also go down, along with savings that come from using less energy. PACE will also deliver additional economic benefits by stimulating local job growth and green sector jobs in particular," said Mayor Marty Kiar.

Commissioners also adopted several provisions to enhance consumer protections. PACE-funded improvements must be properly permitted and installed by licensed contractors, and they must meet applicable federal, state, and local energy, wind, and building code standards.

PACE program financing is accessed through the services of County-approved program providers, who must ensure that residential PACE projects will comply with at least one of the program requirements: insurance and/or energy cost savings equal or greater than the annual PACE assessment, escrow of annual PACE payments or proof of mortgage holders' consent, or demonstration that the PACE assessments do not exceed a certain percentage of individual gross income and the fair market value of the property.

The State Legislature authorized PACE financing in Florida in 2010. Property assessed clean energy financing originated in California in 2008 and has since been authorized by 32 states and the District of Columbia. PACE financing has provided over $2 billion for residential projects and $250 million for commercial projects nationwide to date, according to PACENation, a membership organization of PACE providers and advocates.

For more information and updates on the PACE program go to broward.org/NaturalResources or call (954) 519-1265.