- Home Performance
July 24, 2017
How the PACE Financing Process Works
Although home improvements that increase the energy efficiency of your home are extremely valuable, their costs can quickly add up. However, it’s important to make those upgrades as soon as possible so you can reap the rewards with a more durable, comfortable, and energy efficient home that has reduced energy bills.
Fortunately, your energy efficiency improvements are more affordable and easily accessible with the available Property Assessed Clean Energy or PACE financing options available for your home in the greater Oakland or Hayward area.
What Types of Projects Qualify for PACE Financing?
Most PACE financing programs cover various types of energy efficiency, water efficiency, or renewable energy upgrades. A reputable contractor that has been verified by these financing programs, like Custom Exteriors, will be able to tell you exactly which improvements will qualify.
If you need new replacement windows and are deciding between the energy efficient selection from Anlin, Milgard, or Marvin, you’ll be able to use PACE financing for your upgrade. PACE financing can also cover durable new doors from Therma-Tru or Simpson. In addition, it can also cover your home’s new siding, HVAC system, insulation, solar system, and even tankless water heater.
Why Choose PACE Financing Over a Traditional Loan?
Traditional loans are great for a new car, but PACE was specifically designed to cover home energy efficiency upgrades. It’s simple to apply and you’ll receive an immediate decision. The total amount you can borrow is based on your home’s value, so you’ll have enough to cover the improvements that you need.
Unlike traditional loans, PACE financing offers low-interest, fixed-rate loans, with repayment terms up to 25 (and in some cases even 30) years, so you don’t have to worry about any unexpected changes. Depending on what your improvement project includes, you can generally expect to see savings on utility bills, which help to offset the repayment amount.
The PACE Financing Process
When you decide to finance your home upgrades with PACE in the Modesto or Tracy area, you’ll have help from the Custom Exteriors team throughout the entire process. Since there is no money due upfront, we’ll set expectations about when you can anticipate having to make your first payment.
This may vary on your selected interest rate and repayment terms, but you can expect to see an additional line item on your home’s property tax bill, so it’ll be one less payment you have to manage. And remember — if you decide to sell your home, you won’t have to keep paying — the new homeowner will become responsible.
PACE Financing for Your Custom Exteriors Project
When you choose Custom Exteriors for making improvements to your Oakley, Stockton, or Concord area home, you’ll have various PACE financing options to choose from, including: