{"id":6264,"date":"2018-03-08T08:52:00","date_gmt":"2018-03-08T08:52:00","guid":{"rendered":"https:\/\/www.portal.solar.com\/learn\/all-you-need-to-know-about-solar-home-pace-financing\/"},"modified":"2019-06-27T07:19:23","modified_gmt":"2019-06-27T07:19:23","slug":"all-you-need-to-know-about-solar-home-pace-financing","status":"publish","type":"post","link":"https:\/\/www.solar.com\/learn\/all-you-need-to-know-about-solar-home-pace-financing\/","title":{"rendered":"All You Need To Know About Solar Home PACE Financing"},"content":{"rendered":"


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As the cost of solar goes down year by year, more people are finding that a home solar panel system may be the right decision for them.<\/p>\n

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Although home solar is at its cheapest point, it still can cost a homeowner tens of thousands of dollars. This is why financing and federal incentives are still absolutely necessary to look into. Here’s our comprehensive overview of third party financing options<\/a>.\n<\/p>\n

PACE Financing for Solar<\/h2>\n

One area of solar home financing includes the Property Assessed Clean Energy (PACE)<\/a> programs. These programs help assist both residential and commercial property owners in financing their solar panel systems. More specifically, the PACE model is focused on general energy efficiency and renewable energy improvements, therefore this financing is not just limited to solar systems.<\/p>\n

PACE programs enable state and local governments, or other authorities, to fund the upfront cost of residential and commercial energy projects, and further allow for borrowers to pay their loans back through their property taxes. The way this works is that the new system’s value is applied to their property assessment, and the additional taxes are paid on this new assessment. The extra money coming in from the raised property taxes will allow a borrower to pay their loan back over the course of 10 to 20 years, in most cases.<\/p>\n

Each state or local municipality that participates in the PACE financing programs can enact their own legislation to implement these programs in various ways for their constituents. For example, just a few months ago, two new bills were passed in California<\/a> to increase the consumer protections around borrowers within California’s PACE programs. You can learn more about where PACE financing programs are available at PACENation<\/a>.<\/p>\n

PACE Financing Advantages And Disadvantages<\/h2>\n

Now that you have a general understanding of how the PACE financing programs for home solar work, we can take a deeper look at how this program may or may not benefit you.<\/p>\n

Advantages<\/h3>\n