1 min read
Last week, the White House announced an exciting new initiative called the Clean Energy Savings for All Americans. This innovative new program aims to increase access to solar energy for communities of all income levels and geographies. Basically, no matter where you live or how much you make, if you have a sunny roof, you have the chance to go solar.
But isn't solar too expensive?
Not any more.
To achieve their goal of providing one gigawatt of solar for low- to middle-income households by 2020, the Administration now provides a bundle of renewable energy options. The most exciting new option? Property-Assessed Clean Energy (PACE).
PACE financing works in a very special way that really helps to cut down on the initial cost of solar. It allows mortgage insurance to be issued by the Federal Housing Administration (FHA) and the Veterans administration (VA), rather than through the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Association (Freddie Mac).
What this means is that if the city you live in is a PACE participant, they’ll offer you a loan for your solar system, and you pay it back through your property tax bills over 15 to 20 years. It doesn’t require any cash upfront. It’s very similar to a Power Purchase Agreement (PPA).
Now, more Americans will be able to choose solar. President Obama said at the press conference that “Solar panels are no longer for wealthy folks who live where the sun shines every day. They’re already a reality for Americans in communities all across the country. Today, we’re offering even more families and communities the chance to choose cleaner sources of energy.”
PACE is offered in Orlando and, just recently, Winter Park. If you live in these areas, contact us at 407.331.9077 and join the solar revolution today.
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