Programs Making Clean Energy Upgrades Affordable for Homeowners
Property Assessed Clean Energy (PACE) programs are a means of financing energy efficiency upgrades or renewable energy installations for your home. PACE partners with local governments to make energy efficient, water efficient and renewable energy products more affordable for homeowners. These programs allow homeowners to finance energy improvements for their homes, and to repay the financing through special assessments on their property taxes.
The PACE program has lately faced problems as the loans have been classified as senior encumbrances in relation to other loans against property. FHA, Fannie Mae and Freddie Mac will not back mortgages on properties with PACE loans due to the risk they may incur. The PACE programs future is now in doubt.
The good news is that there are now non-PACE alternatives to point-of-sale. Here are some of the top 5 non-PACE alternatives:
- Green Refinance Plus
This non-PACE alternative was developed by the FHA and Fannie Mae. It enables communities to pay for energy-efficient upgrades in affordable housing apartment buildings.
- Power Saver Loans
This new pilot program is being offered by lenders selected by HUD. It helps homeowners pay for energy improvements in their homes.
- Energy Efficiency and Conservation Block Grant Program
The Energy Efficiency and Conservation Block Grant Program is established under the Recovery Act, and is funded by the U.S. Department of Energy. It was designed to help U.S. cities, counties, states, territories and Native American tribes create, promote, implement and manage energy efficiency and conservation programs and projects.
- Leasing Rooftop Panels
As the U.S. solar market continues to grow, more and more homeowners are leasing their rooftop solar panels. Most have no upfront costs, and one may only be required to pay for the power produced.
- Local AOR Programs
Several local AOR programs have been developed to address energy efficiency and global warming without a point-of-sale. Contact the C.A.R.’s Local Governmental Relations Division at (213) 739-8273 for additional info.
HomeGuard Incorporated Includes PACE Disclosure in NHD Reports
HomeGuard Incorporated is a termite, home, and roof inspection company that also offers NHD reports and home warranties. The PACE disclosure is included in the tax report as part of the basic NHD package offered by HomeGuard NHD. With a focus on Real Estate transaction process, HomeGuard will perform high quality termite inspections, roof inspections and home inspections. With many years of professional experience, you can be sure that HomeGuard will offer the best inspection services.