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Embrace the PACE—It’s “Repair Now, Pay Later” Financing
February 19, 2021
When it comes to energy efficiency upgrades for your Sacramento-area home, the sooner you can start on them, the better! Projects that reduce your home’s energy usage are better for the environment and often make your home more comfortable to live in. Plus, they save you money, and the earlier you’re able to get them finished, the more you stand to save.
But many homeowners don’t always have the budget to pay for home improvements upfront, and so they put off these projects, stuck with an uncomfortable house and high energy bills while they try to save up enough money to call a contractor.
What most people don’t realize is that there’s another option. It’s called PACE financing, but here at Brower, we like to call it what it really is: “Repair now, pay later!” financing.
What Is PACE Financing for California Homeowners?
PACE stands for Property Assessed Clean Energy. PACE financing is zero-down financing that allows homeowners to make energy-efficiency upgrades to their homes. What sets PACE financing apart from other home repair financing options is that your house is responsible for the loan, not you. Credit and FICO scores, as well as debt-to-income ratios, don't matter, as long as you have 10% equity in your home.
With PACE financing, you’ll end up paying about $100 per month for every $10,000 of work (so if your project was $20,000, your monthly payment would be around $200). This is why we think of PACE financing as the “Repair now, pay later” option, because it’s easy and gives more homeowners the ability to make improvements to their homes sooner.
PACE Financing from Ygrene, mPower or Renew Financial’s CaliforniaFIRST is very simple, and Brower Mechanical can help you get qualified within minutes, leaving you more time to choose the upgrades you want for your home and get started on making money-saving improvements to your Sacramento-area house.
What Projects Qualify for PACE Financing Programs in California?
There is such a long list of projects that qualify for PACE financing that it can be easier to think of it this way: If your home improvement project is tied to energy efficiency, it likely qualifies, while more cosmetic upgrades, like new countertops in your kitchen, don’t.
Here are just a few of the home projects that qualify for PACE financing:
Upgrading your insulation and air sealing
Energy-efficient HVAC upgrades (including air conditioners, furnaces, and mini-split heat pumps)
Energy-efficient water heaters
Start Saving Today with PACE Financing and Brower
Wondering what specific upgrades qualify and which don’t? The team at Brower Mechanical is happy to sit down with you to discuss the specific issues you’re having in your home (whether they’re high energy bills, comfort issues, or something else), explain the various solutions available, and review incentives and financing options that help you “repair now, pay later,” like mPower, Ygrene, or Renew Financial’s CaliforniaFIRST’s PACE financing that will help you lower your upfront costs and get you started on your project sooner.