LOS GATOS, Calif., May 31, 2016 /PRNewswire/ -- The City of San Diego, Escondido and Oceanside have adopted and approved PACEfunding's low interest rate solution for homeowners seeking to install energy and resource saving home improvement upgrades. Residents of these cities may now submit applications for PACEfunding financing. San Diego County and several other cities within the county had approved PACEfunding previously.
"We now have a critical mass of residents in San Diego County who can take advantage of another financing quality option to choose from. Because our PACEfunding interest rates are measurably lower than what has been available in the past, homeowners who choose PACEfunding will save thousands of dollars over the life of their PACE assessment," said Robert Giles, CEO of PACE Funding Group, LLC.
Property Assessed Clean Energy (PACE) is a program that provides long-term financing to residential and commercial property owners for renewable energy, energy efficiency and water conservation measures. Unlike traditional financing, PACE is not a loan. It is a voluntary special assessment or special property tax. Property owners repay the PACE assessment as a line item on their property tax bills.
As a partner with local government, PACEfunding financing includes additional requirements to protect consumers not found in other payment options like credit cards or home equity loans. For example, PACE Funding Group will only pay a contractor after the homeowner signs off that the job has been completed to their satisfaction. Contractors must be licensed with the state and in good standing with PACEfunding all required permits must be submitted; products and labor must meet fair pricing standards; and homeowners must use products certified as efficient by the U.S. Department of Energy or water-conserving by the Environmental Protection Agency.
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SOURCE PACE Funding Group, LLC