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Path clearer for home improvement program

Posted on Tuesday, October 27, 2015 at 11:39:18 AM

Earlier this month, Florida's Supreme Court rejected a challenge to the Property Assessed Clean Energy (PACE) program from the Florida Bankers Association. According to the Sun Sentinel, the legal ruling was a victory for PACE, which can now expand into Broward County as it has done in Miami-Dade and other Florida counties.

PACE helps homeowners with home improvement financing for things like hurricane windows or new roofing and other energy efficient home improvements by processing applications and arranging financing with banks. On some occasions, the money saved from those improvements is enough to fully repay the cost of the loans. Otherwise PACE makes it possible to repay through property taxes. The program has proven popular in California, and press releases from the organization's site reported that it has been gaining traction in other states like Florida, Michigan, and Rhode Island.

In August, the White House and the Federal Housing Administration issued updated PACE guidelines that assisted the program's reach and bolstered residential PACE. Increased federal attention means the program is likely to continue to grow nationwide, rendering Florida's legal debate an unusual event.

With so many opportunities to implement environmentally friendly, cost-saving measures, now is the time for homeowners to reach out to their banks about home improvement loans.