Do you live in Broward County?
And… you’re looking to get impact windows installed, but you’re trying to figure out what affordable options there are? Introducing the Broward County Impact Window Program.
In this guide, we’ll break down what PACE is, how it works, how you can use it to drastically reduce your impact window costs (and other home improvements), and the steps you need to take to get started today.
What Is the Broward County Impact Window Program (PACE)?
In June 2016, Broward County approved a brand new program to help homeowners upgrade their homes through a new financing initiative.
Property Assessed Clean Energy, or PACE, is a combination of programs in accordance with the U.S. Department of Energy guidelines. In it, local governments and third-party financing partners collaborate to establish consistent financing options for upgrading residential and commercial properties to help them operate more efficiently and cleanly.
Simply put, the PACE program allows Broward County homeowners to obtain affordable financing to upgrade their homes to make them more energy efficient or safe from extreme winds or hurricanes.
PACE provides long-term financing with a fixed rate for qualifying installations. The majority of financing for PACE-approved homeowners covers 100% of installation and materials up front with 20-30 year low-interest rate financing.
How the PACE Program Works for Broward County Residents
So, how exactly does PACE work?
PACE allows you to use the money you’ve already invested into your home to gain low-interest, fixed-rate financing for crucial home improvements. This means you’ll be able to upgrade your home to improve its safety, efficiency, and resale value while keeping repayment costs affordable.
Unlike personal loans, unsecured loans, and Home Equity Lines of Credit (HELOC), PACE financing approval doesn’t require your FICO or credit history.
Instead, PACE offers homeowners a much simpler path to obtain financing, especially if they’ve had difficulty obtaining financing to improve their home in the past. For many homeowners, imperative home renovations like impact windows are suddenly within reach.
Official financing partners typically look at three things to approve homeowners for PACE financing:
- Total equity in your home
- Mortgage repayment history
- Ability to repay PACE financing
The Broward County PACE program isn’t a rebate or grant but a financing option or loan. PACE-approved projects may include those that help with energy efficiency, energy conservation, renewable energy, and wind resistance improvements, such as:
- Impact windows
- Rooftop solar panels
- Solar water heaters
- Cool roofs
- Energy-efficient air conditioning unit
- And more
The eligibility of home upgrades is subject to Section 163.08(2)(b), Florida Statutes. In order to qualify your renovation, the upgrade must be a permanent improvement. For instance, a new roof, impact windows, or solar panels.
If you’re unsure of what qualifies, you can contact PACE providers in your area. You can see the full list of Broward County PACE financing providers below in the “How You Can Take Advantage of the PACE Program” section.
Benefits of the Broward County Impact Window Program
So, what are the advantages of using PACE in Broward County?
There are three main benefits (depending on the type of upgrade you do):
- Your home will be more energy efficient
- Your home will be safer
- Your home value will increase
Remember that PACE financing isn’t guaranteed to be the best option available and you should discuss it with your financial advisor. However, for most homeowners, it offers a powerful low-cost solution to upgrade their homes.
Here are a few benefits to taking advantage of the PACE program:
- Homeowners can spread out PACE financing repayments over 15-30 years.
- It allows a homeowner to obtain financing without a significant up-front cash payment.
- Property owners hesitant to invest in energy improvements (due to waiting months or years to see a positive ROI due to up-front costs) can now experience a worthwhile return on investment quicker.
- Many homeowners can secure rebates from their insurance companies for particular home improvement items.
- Energy and insurance savings will be greater than PACE costs over time for most homeowners.
- Qualifying home upgrades through PACE typically increases the value of your home.
- PACE is tied to the property, not the homeowner. If you sell the property, the new owner will take over the repayment balance (this is subject to the financing partners).
Leveraging PACE can be a major help in improving your home, especially when upgrading to impact windows. Read why every Broward homeowner should invest in impact windows.
How You Can Take Advantage of the PACE Program
You’ll need to apply with an official Broward County PACE provider to get started with the PACE program. There are currently twelve different PACE providers in Broward County:
- Home Run Financing (Residential)
- Renew Financial (Residential and Commercial)
- Berkadia (Commercial)
- Cleanfund (Commercial)
- CounterPointe Energy Solutions (Commercial)
- Dividend Finance (Commercial)
- Greenworks Lending (Commercial)
- Lever Energy Capital (Commercial)
- Rahill (Commercial)
- Structured Finance Associates (Commercial)
- Twain Financial (Commercial)
For more information on getting started with installing impact windows, you should check out our Smart Buyer's Guide to Purchasing Impact Windows in Broward County.
And, if you’re ready to start looking at installer options, you should contact these Broward impact window installers first.
Just keep in mind that while the program is available to Broward County residents, a few Broward municipalities have opted out of the program. If you live in one of the following cities, you may want to contact your local municipality contact:
- Miramar: 954-602-3270
- Pembroke Pines: 954-392-2100
- Fort Lauderdale: 954-828-6138
- Margate: 954-972-0828
The 5-Step Application Process: Explained
To secure PACE financing to upgrade your home, you need to follow five simple steps:
1. Choose a PACE-eligible Home Improvement Project
PACE was established to help homeowners upgrade their homes to be safer and more energy efficient.
This means typical upgrades tied to energy efficiency, safety, water conservation, resiliency, and renewable energy will most likely be approved.
Some common projects approved for PACE financing include:
- Impact windows
- Impact doors
- Solar roofing
- Water conservation
- Hurricane resiliency
- Wildfire resiliency
- Earthquake resiliency
2. Choose a Provider
Once you’ve chosen your home upgrade, it’s time to partner with an official PACE provider (as listed above). Keep in mind that each provider will have their own guidelines and may have different eligibility requirements and financing options. It’s best to do your due diligence and research your options before applying.
3. Qualify for PACE (Without Your Credit Score)
Next, it’s time to submit documents and information to your PACE provider to qualify. Remember, the primary requirements are having established equity in your home, your ability to repay PACE, and your mortgage repayment history.
4. Choose Repayment Terms
Once you’ve been approved for PACE, you choose your repayment terms. PACE financing is repaid through property taxes, so you can spread out your payments over 15-30 years to keep them affordable.
5. Hire PACE-Certified Contractors
Lastly, you’ll want to work with contractors like Alco Windows & Doors to ensure they understand the PACE program and the requirements to give you peace of mind you’re on the same page with the home improvements.
Choose Alco Windows and Doors For Your Impact Windows Installation
Are you considering using PACE to upgrade your home with Impact windows?
The PACE program may seem complicated, which is why it’s important to work with a Broward County contractor familiar with the ins and outs of PACE to help point you in the right direction.
If you want to learn more about the benefits of impact windows, how to utilize the PACE program, or other helpful tips to upgrade your home, reach out to Alco Windows and Doors today.
We’ll help you make your Broward home safer, greener, more efficient, and cheaper.