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Renew Pace is Property Assessed Clean Energy Financing. It's repaid on the homeowner's property taces over the course of 5 - 30 years at a fixed interest rate that never rises.

Renew Financial offers RenewPACE in cooperation with the Florida Green Finance Authority.

Renew PACE is financed through assesments collected on the property tax bill, and the balance due can transfer to the new owner if the home is sold, subject to lender approval.

RenewPACE solves many of the financial hurdles facing homeowners wanting to install energy efficient improvements:

• Competitive, fixed interest rates
• flexible repayment terms of 5, 10, 15, 20, 25, or 30 years
• May reduce energy usage
• Balance due can transfer to the new owner if the home is sold, subject to lender approval

The minimum amount that can be financed is $5,000. The maximum financing amount depends on the homeowner's annual income, and may not exceed $250,000.

Qualify for RenewPACE financing is primarily based on:

• The property's estimated market value
• The amount of the homeowner's equity in the property
• The homeowner's recent mortgage and property tax payment history
• Maximum financed amount depends on the homeowner's annual income
• The dollar value of the proposed eligible improvements

Repayment periods can be 5, 10, 15, 20, 25, or 30 years depending on your preference, though they are limited by the expectful useful life of the product(s) in the project.

As a homeowner applying for RenewPACE financing, you will allow the county to place an assessment on your property. The PACE assessment will then appear as a new line item on your property tax bill.

No, there is no fee to apply for RenewPACE.

According to the IRS, "the interest portion of your payment may be deductible as a home mortgage interest."

Actual tax savings will depend on the marginal rate of your federal and state income taxes, annual income, and other factors. Consult with your advisor to determine the tax benefits that may be available to you.