Heating and cooling your home in Florida is more expensive than you think. Like most homeowners in the state, HVAC expenses account for up to 50 percent of your monthly utility bills. Using Roof Financing Florida may help you to solve these problems and get a new roof over your head.
Replacing your roof can slash your energy costs, but it isn’t a small project. On average, a new roof can cost between $5,000 and $11,000. However, overburdened by high utility bills, homeowners often struggle to scrape together the funds they need for a new roof.
It can seem like a hopeless Catch-22.
That’s where PACE comes in. So, Financing Roofs with Pace Program and financing can help you put a new, energy-efficient roof on your home for no money down. If you keep reading now, you will learn how.
What Is PACE Financing – Roof Financing Florida
PACE stands for Property Assessed Clean Energy. The PACE program is a joint effort between state and local governments and private businesses. Therefore, It is a financing program that provides no-money-down loans to homeowners for home improvement projects.
For this reason, the program helps homeowners afford improvements which:
- Increase the value or equity of the property
- Increase a home’s energy efficiency
- Install or upgrade renewable energy systems
- Implement water-saving technology or hurricane protection measures
PACE funds can help homeowners access the money they need to replace their roofs and cut their utility bills in half. But keep in mind that there are several requirements.
Different localities use different names for the PACE program. So, depending on where you live, the program is also called the Home Energy Renovation Opportunity (HERO) program or Ygrene instead. Roofing Network is one of the roofing companies that finance your roofing projects and more.
What PACE Is Not
PACE funds are not unlimited. PACE is not a governmental incentive program, and it does not provide “free money.”
In Reality, PACE financing is a government-subsidized loan. But, It lends money to homeowners at low-interest rates and allows them to conveniently repay the debt over a 20- to 30-year period through their property taxes.
Who Qualifies for Roof Financing Florida Using PACE?
To qualify for new roof financing through PACE, you must own the home you are applying to put a new roof on. In most cases, you must also be in good financial standing related to your property, which means you must be current on your property taxes and mortgage.
While you will undergo a credit check as part of the program, there is generally no minimum score that you have to meet to get approved.
How Do You Apply for PACE Financing?
Financing a new roof via PACE works a little differently than most other loan programs. Instead of looking for a lender, you begin by contacting the contractor who will do the work your home needs. At this time, the contractor will then assist you in walking through the following steps to finance the roof.
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Start Your Application:
Finally, Roofing Network will help you complete the initial application paperwork. Also, we can provide forms and assist you in selecting qualifying roofing products, and answer any questions you may have along the way.
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Provide Documentation:
You will need to provide evidence that you qualify to participate in the program. This means showing that you own your home and are current on your mortgage and property taxes. You will also need to submit a credit check.
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Talk to Your Mortgage Lender and a Program Representative:
If you have a mortgage, you will need to advise your mortgage lender of your PACE application. Also need to speak to a PACE program representative to clarify any questions you may have and confirm that you understand the loan and its repayment terms.
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Sign Your Contract and Get Your New Roof:
When all the terms have been finalized, you will be ready to sign your contract. Once the contract is signed, you can get your new roof installed right away!
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Sign the Certification of Completion:
When your new roof is complete, you will sign the PACE Certificate of Completion. At that moment, that form will complete the process!
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PACE Payments:
Whenever you receive a bill for your property taxes, you will be charged for your PACE installment payment as well. Throughout your loan, make your payments on time, while enjoying monthly savings on your energy bills!
