Florida PACE Funding Agency Approved in West Palm Beach
Industry: Financial Services
Innovative Programs Provide Property Owners with Financing for Energy Conservation and Efficiency, Renewable Energy and Wind Resistance Upgrades with No Upfront Cost.
West Palm Beach, Florida (PRUnderground) August 9th, 2017
The City of West Palm Beach has voted to approve the AllianceNRG ProgramTM, which serves the residential market, and the CounterpointeSRETM Program, which serves the commercial market, to provide Property Assessed Clean Energy (PACE) financing for property owners in the city’s incorporated area. PACE financing makes energy conservation and efficiency, renewable energy and wind resistance improvements affordable for property owners by providing fixed-rate financing for 100% of the project and closing costs, repaid through an assessment on property tax bills. For residential, the AllianceNRG Program offers a fixed interest rate of 5.99% regardless of the term of the assessment. Different fixed interest rates apply to commercial property owners depending on the term. Financing is limited to the useful life of the improvements and cannot exceed a maximum of 30 years. The AllianceNRG Program and the CounterpointeSRE Program are among the leading PACE programs in the country.
In addition to helping property owners save on energy and insurance bills, PACE Programs help spur local job creation by increasing demand for home improvement services and supplies. The Programs are expected to create more jobs in the City of West Palm Beach.
A wide variety of energy-saving products are available to property owners. Some of the Programs’ most popular products include solar power, whole-home heating and cooling (HVAC) systems, energy-saving windows and doors, roofing and insulation.
The Programs can help property owners reduce insurance premiums and protect them against the next hurricane by financing hurricane protection property upgrades like new roofs, strapping, storm windows, doors and shutters.
“Our Programs are making a big impact on job creation and economic stimulus throughout Florida” said C.J. De Santis, Head of Governmental Relations. “We have a strong track record and will make it easy for local residents and business to make improvements that increase their comfort and save money. Based on our experience in other PACE communities, we expect to see a high level of interest from homeowners and businesses.”
Interested property owners can check if their property is eligible at www.AllianceNRG.com for residential properties and www.CounterpointeSRE.com for commercial properties. Application and approval is fast and easy online. If PACE is not available in your community, contact your County Commission.
The AllianceNRG Program and CounterpointeSRE are sponsored by the Florida PACE Funding Agency (FPFA), a governmental agency established in 2011. The AllianceNRG Program and CounterpointeSRE are now available county-wide in 17 counties and in 11 cities in six other counties in Florida to more than 7.1 million people, representing approximately 34% of the state’s population.
About Florida PACE Funding Agency
The Florida PACE Funding Agency was created in June 2011. The Agency’s mission is to facilitate the implementation, planning, development, funding, and financing of a statewide platform allowing private property owners, counties and cities to easily and economically take advantage of a program providing funding for qualified improvements to real property. Those improvements encompass energy efficiency, renewable energy and wind resistance.
Florida’s PACE (Property Assessed Clean Energy) legislation allows individual residential and commercial property owners to seek financing for those energy efficiency, renewable energy and wind resistance improvements in the form of a special assessment though a long term property assessment. Repayment of the assessment is made over a period of years and collected on the same bill as property taxes.
The Agency has the largest PACE program in Florida and participation in the Agency’s PACE program is increasing.
For more information about the Agency, please visit www.floridapace.gov. For cities or counties seeking to participate in the Agency’s PACE Program, please contact C.J. De Santis at (561) 409-0343 or gov@counterpointees.com.
