Property Assessed Clean Energy (PACE) provides an excellent opportunity for homeowners in Florida to take advantage of home improvements for improving energy efficiency and protection against hurricanes.
Many homeowners choose to purchase impact windows or doors due to their wide range of benefits. Keeping your home protected against hurricanes, improving energy efficiency, and reducing outside noise are only a few of the main advantages of using impact products.
What is the PACE Funding Agency?
The Florida PACE Funding Agency was established in 2010 to help homeowners obtaining financing for storm protection-related home improvements. Property owners can take advantage of PACE funding by repaying for these home improvements through their property tax each year.
The interest rates for these loans are fixed at a lower rate, as you will never have to worry about variable rates. Eliminating upfront cash payments makes it much more affordable for property owners to make improvements to their homes. In addition, residents can keep their house well-protected against the damaging impact of a hurricane.
Here are a few of the top reasons to consider using PACE funding for your Florida home's impact doors and windows.
1) Easy to Qualify
One of the top benefits of using PACE funding is that it is much easier to qualify than other types of loans. PACE primarily focuses on your property tax status, home equity, and payment history.
On the other hand, most other loans focus on your credit history or credit score. Ultimately, this makes it much easier to be eligible for PACE funding if you do not have the best credit history.
2) Eliminates Upfront Costs
One of the top benefits of using PACE funding is that it eliminates the need for upfront costs. The PACE programs provide 100% coverage, making it much easier for people to afford impact windows or doors.
You will only have to make repayments through your property taxes each year, with an interest rate usually between 7% - 9% on average.
3) Extended Repayment Options
You can also lower your yearly payment through extended repayment options. This added flexibility is helpful if you are struggling to stay within your annual budget.
However, it is also important to realize that you will pay more interest on the balance due to the extra years on your repayment plan.
How to Begin the Application Process for PACE Funding
Finding a PACE lender is the first step in receiving the necessary funding for impact doors or windows. The next step is to gather financial documents to complete the application process successfully.
Typically, you will need your mortgage statements, social security number, annual income, and contractor documents. You can submit your application in person at a PACE office, or you can submit it online.
Usually, you will receive a notification within 24 hours if your application has been approved.
Contact Alco Windows & Doors to Learn More About Our Impact Products
Alco Windows & Doors is located in Miami, Florida, which specializes in installing impact doors and windows for homes and businesses.
Our primary goal is to help Florida residents fully take advantage of the many benefits of impact products. These include providing additional security, improving energy efficiency, and hurricane protection.
Customer service is always a top priority. We are happy to answer any of your questions about our impact products. We have many years of experience in the industry, as you can check out this free resource to learn more about our impact windows and doors. Alco Windows & Doors is also a proud partner of Florida's PACE funding program.
Give us a phone call today to learn why PACE funding for impact windows and doors is a perfect option for Florida homeowners!