The Notorious P.A.C.E.

December 3, 2019


The P.AC.E. program has gotten a terrible reputation due to "scammy" contractors trying to hustle vulnerable homeowners, usually the elderly or immigrants. The program is somewhat confusing and that gives leeway to bad intention contractors to take advantage of  there homeowners. I personally believe that the program is a great way to finance a home improvement project, but it is not ideal for everyone and there are various things that one most keep in mind when making that decision. 


The Basics

P.A.C.E. stands for property assessed clean energy, the program allow's a property owner to finance the up-front cost of energy or other eligible improvements on a property and then pay the costs back over time usually between 10-30 years. The loan is secured by the property itself and paid as an addition to the owners' property tax bills. There is interest added onto the loan, depending on the lender that you are using, and the term of the loan, but typically you can expect in the range of 4.99%-8.49%.