Frequently Asked Questions
How do I get started?
It’s easy to get started with PACE. Just fill out our brief Eligibility Form, or call us at 844-229-7339. We will then set you up with one of our friendly and knowedgeable consultants to review your home’s improvement needs, determine your eligibility and answer any questions you may have about PACE financing.
Why should I work with MIS Contracting Group?
Our team will walk you through the complexities and options available to you through the PACE program. We ensure your project meets all the requirements to be financed using PACE. We evaluate any potential insurance savings and will work with your carrier to maximize potential insurance discounts. Once your project has been approved and permitted, our skilled craftmen will ensure a professional, timely and PACE compliant project completion.
Please give us a call at 844-229-7339 for more information about all the services we provide to homeowners, or get started now by filling out this eligibility form.
Who are the PACE administrators?
Ygrene, HERO, Alliance NRG, and RenewPACE are the PACE administrators who are contracted by municipalities to implement and administer local PACE programs. They work with private lenders to disburse the funds for your project and collect payment through special assessments added to the municipality’s property tax bill.
How are projected energy savings and insurance savings from installing PACE eligible upgrades estimated?
PACE eligible projects may deliver net positive annual cash flow in year one.
For energy efficiency and renewable energy projects, you may:
- Contact your local utility company for an energy evaluation, which will provide information on what may be the best value improvements for your home.
- Obtain an energy audit from a licensed Energy Rater. The Energy Rater will provide detailed savings calculations on qualifying improvements. Costs for an energy audit may vary.
For wind mitigation improvements, you may:
- Access the Florida Department of Emergency Management’s Florida Wind Insurance Savings Calculator at www.floridadisaster.org. By answering a series of questions about your home in its current state, and then taking into account the renovations you’re planning, the calculator can help you determine the amount of insurance savings you may receive.
- MIS Contracting Group will assist you in contacting your insurance agency to discuss the discounts you may receive if certain upgrades are installed in your home.
Do I have to use PACE financing for my project?
While we specialize in helping homeowners find the best financing partner for their projects, homeowners are welcome to pay with cash or provide their own forms of financing. PACE financing is just one mechanism that will allow you to pay for your home improvement upgrades.
What happens if you begin work on a project eligible under PACE and discover additional work that must be done in order to complete the job?
Once an assessment closes, additional project work must be paid by the property owner.
For residential properties, the assessment generally closes when work is completed. Owners may request that the PACE administrator evaluate the additional work for inclusion in the assessment. Contact us to discuss any job modifications to ensure they will be covered as eligible improvements.
Are you required to pull permits?
Yes, we adhere strictly to Florida Building Codes and most jobs above $2,500 will require permits. It is necessary to file a Notice of Commencement with the county.
Pace Program & Financing
What is PACE?
Property Assessed Clean Energy (PACE) is a simple financing mechanism that enables low-cost, long-term funding for energy efficient and wind resistant home improvement projects. PACE can provide funding for a new roof, energy efficient heating and cooling systems, solar panels and other upgrades.
PACE financing is repaid as an assessment on the property owner’s regular tax bill. Depending on local legislation, PACE can be used for commercial, nonprofit and residential properties.
How is the special PACE assessment recorded?
Like any other debt to your home, the special tax/assessment (your payment) is secured by a continuing lien on your property.
Am I eligible for PACE financing?
Underwriting requirements vary by PACE administrator. However, the general criteria are as follows:
- Be the owner of record on the property
- Be current on mortgage payments (one late payment allowed in the past 12 months)
- Be current on property taxes with no late payments in the last 3 years
- No bankruptcy for the last 2 years
- No foreclosures or defaults for the last 3 years
Again, requirements may vary. Call us today at 844-229-7339 for more information, or get started now by completing our eligibility form.
What types of properties are eligible for PACE financing?
Financing is available for both residential and commerical properties. Government-owned properties can not be assessed and are, therefore, ineligible. Mobile homes are not eligible because they are not permanent structures.
Please give us a call at 844-229-7339 to discuss your property’s eligibility.
See what may be available by completing this form.
What if my county/municipality has not been approved for the PACE program yet?
Simply email your property’s address and your contact information to us here. We’ll notify you as soon as your county or municipality is eligible or if we become aware of an estimated roll out date.
What are the eligible home improvements under PACE financing?
Improvements must be permanently affixed to the property and either reduce the energy used by the property or provide protection from wind or hurricane damage.
In general, the type of improvements funded by PACE financing would include:
- High efficiency or hurricane impact windows and doors
- Cool roofs
- Wind-resistant roofs
- High-efficiency HVAC systems
- Tankless water heaters
- Upgraded wall and roof installation
and much more…
Request a complete list of eligible home improvements by contacting us here.
Are there minimum or maximum PACE financing amounts?
Minimum and maximum PACE financing amounts vary by administrator.
Is my credit score (FICO) used to determine whether I am eligible for PACE financing?
No. A credit report will be run to determine any underlying criteria required by the PACE administrator, but it will not determine your eligibility for PACE financing.
What will the interest rate be?
Each PACE administrator offers different interest rates. Those rates also vary depending on the length of the term you choose and the amount being financed.
Give us a call at 844-229-7339 or email us for more detailed information about the interest rates offered by various PACE administrators.
How is PACE financing paid and when will I make my first payment?
Your first payment (and all future payments) will be incorporated into your property tax bill, and will appear as a line item on your annual statement delivered by your County Tax Assessors office. The date it appears on your property tax statement for the first time depends on the date your PACE improvement contract funds and your local municipality’s tax billing cycle.
May I pay off assessments early?
Yes, residential assessments can be paid in full ahead of schedule. Pre-payment options vary by PACE administrator. Contact our office to review these options at 844-229-7339.
What if the approved PACE financing amount is less than the project cost for my home improvement?
If the amount you’re approved for isn’t enough to finance the entire project, you can use other means to pay the difference.
Are there utility rebates and/or tax incentives when I use PACE financing?
Yes. We recommend contacting a tax professional for all tax related matters.
What are the loan-to-value (LTV) requirements for participation in PACE financing?
Most PACE administrators require that the total outstanding mortgage balance (including home equity loans) plus the total PACE assessment be less than or equal to 100% of the Just Market Value of the property, per the property appraiser website. The Administrator will consider an appraised value in place of the Just Market Value if an appraisal was completed within the last 12 months. The maximum PACE assessment is typically 20% of the Just Market Value per FL Statute 163.08.
What happens if I decide to sell my home before before the financing has been paid in full?
The assessment may be able to stay with the property upon title transfer, or it may be paid off in full as a negotiable term of sale.
Are new construction projects eligible for PACE financing?
Generally, no. Some new additions may be eligible.
Give us a call today