How Does Pace Financing in Florida Help Local Economies?
PACE or Property-Assessed Clean Energy financing is designed to help people make improvements to their properties that would heighten the energy efficiency and resilience of the buildings. Currently approved in well over 35 states, the program is intended to encourage building upgrades pertaining to water conservation, seismic and other safety measures, renewable energy, and energy efficiency, just to name a few.
What’s different about the PACE financing in Florida? Well, the fact that the project reduces the property owner’s operating expenses and the overall carbon footprint, while also being able to amortize the costs over a long-period, is what makes this so lucrative.
There’s more to this! While the PACE funds are provided by private PACE lenders/ capital sources, they are to be repaid in the form of an assessment - one that requires state legislation approval and implementation. Luckily, PACE is now active in many states and counties, and property owners and CRE developers across the country can now reap its benefits.
How does PACE financing help in economic development?
Despite its complex nature - mostly because of its difference from traditional financing options, PACE is gaining significant traction, and offers low-cost, long-term non-recourse financing that acts as a significant boost to one’s cash flow. It not only reduces the debt burden but also replaces a portion of the mezzanine or equity in the capital stack.
Here’s a quick look at how C-PACE financing is doing its bit to help local economies in Florida.
Through PACE, CRE developers and property owners can make significant savings on energy bills.
The low carbon emissions contribute to a better environmental sustainability.
Energy efficient renovations funded by the PACE program are leading to increased employment opportunities.
There’s a notable rise in the promotion of sustainable building practices and revitalizing commercial spaces.
PACE is available across diverse socio-economic/ geographic areas, and is particularly focused on communities which are otherwise often overlooked by traditional financing firms/ companies.
PACE is also of help to local economies through investment in energy efficiency, thereby playing a critical role in uplifting neighborhoods and their economic recovery.
The people in different states around the country are slowly catching on the value of PACE, and you should give it some thought as well. It is a great financing solution to fund energy-efficient renovations - particularly in times of economic volatility. In fact, every year, an increasing number of CRE owners and property developers are turning to PACE for help and you can choose to opt for it as well.
Think you need more info on PACE financing in Florida? Connect with C-PACE.com for everything you need to know about C-PACE. They are one of the finest PACE lenders around, and would be happy to help you through the process if your property is eligible for the upgrade.
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