It’s exciting to replace your roof when you’re ready to improve the look of your home and save money on energy bills. All too often, however, homeowners wind up replacing a roof because they have to — and making a sizable investment in a house can feel anything but exciting.
A functional roof is essential for safety and for protecting your home, especially in a tropical climate like Florida’s. If you need to replace your roof in the near future, it can be a relief to discover a helpful financing option. Although not everyone has heard of it, PACE financing enables homeowners, including those without strong credit scores, to afford the roof they need, when they need it. What is PACE?
PACE stands for Property Assessed Clean Energy, and it’s an innovative form of financing for home improvement projects in Florida, Missouri and California only. It allows homeowners to access a portion of their home equity to pay for various safety and energy-efficient upgrades. The cost is repaid as part of your property taxes, either directly or through escrow if you have a mortgage, over a period as long as 30 years. It can be repaid early with no penalty.
Can I Use PACE to Finance a New Roof?
PACE financing is available for homes in unincorporated areas of Hillsborough County as well as parts of Manatee, Pasco and Polk counties. (In Pinellas and Hernando counties, it is currently available only for commercial buildings.)
Replacing your roof makes your home more energy-efficient, so roof replacements fit the criteria. In Florida, a new roof can improve your hurricane readiness and lower your cooling bills. Most roofs are underventilated, so any new roof improves ventilation and therefore energy efficiency. Metal roofs are an especially energy-efficient option.
Impact-resistant doors and windows and energy-efficient air conditioning systems may also be eligible. If you want to complete two projects at once, you can use your PACE funds with two or more different contractors.
Who is Eligible for PACE Financing?
To be eligible, a homeowner needs to have 10% equity in the home, and have paid their property taxes on time. Because PACE financing is not a loan, it does not require a credit check. It’s an attractive option for those without a large amount of savings on hand and/or with less-than-perfect credit.
Where Can I Go for PACE Financing?
Unfortunately, there are some contractors who look for PACE customers and then deliver subpar work. It’s best to start by seeking a reputable, local roofer. Then, ask them if they will work with PACE financing. The contractor may recommend a financial services firm that they work with, or you can seek the financing on your own.
At Westfall Roofing, we work consistently with Ygrene, a PACE provider we know and trust. We recommend them because of their competitive interest rates and fees, although our customers are welcome to secure financing wherever they prefer.
We can even help you find out if you’re eligible, then help you fill out the application and get a response in five to 10 minutes.