Property Assessed Financing (PACE)
What is PACE financing?Property owners may obtain financing for energy efficiency, water conservation and solar energy improvements that is repaid as assessments on their property tax bills through property assessed clean energy (PACE). The advantages of PACE financing include no money down and no requirement for credit ratings or credit applications.
Who are the program providers?Currently, 3 financing companies are authorized to provide PACE financing on properties in Anaheim. Each of the following companies can finance residential, commercial or both types of properties.
There is no affiliation between the City of Anaheim and the PACE providers listed below. Therefore, Anaheim Customers are advised to carefully evaluate any proposed provider and review all contractual assessment terms and conditions before participating in any PACE program.
• California HERO this program is tailored to residential single-family homes
• Figtree PACE this program is tailored to multi-family and commercial buildings
• CaliforniaFIRST this program is tailored to both residential single-family homes and commercial buildings
What happens if an owner sells the property?
Since it’s an assessment on the property, it would of course be disclosed, and the new buyer would have to negotiate whether to have the seller pay it off or continue the assessment.
What is the length of payment?
For example, is a homeowner going to be paying 30 years for a 10 year improvement?
The program is structured to tie the term of the assessments to the useful life of the measure to alleviate this concern. Terms typically range between 5 and 20 years.
How do I get more information?
Contact one of the PACE program providers for additional information on program details and guidelines.
If I install energy efficient equipment in my home through the PACE program, am I still eligible for the rebates offered by Anaheim Public Utilities?
Yes, if you install a qualified energy efficiency measure, you are eligible to receive a rebate through Anaheim Public Utilities. Please visit http://www.anaheim.net/1481/Home-Incentives-Rebate-Guidelines-Applic to see a list of eligible measures and the qualification guidelines.
Am I required to complete an energy survey of my home to participate in the PACE program?
An energy survey is not required for you to participate in the PACE program. However, Anaheim Public Utilities offers this free service to all Anaheim residential customers as a great way to discuss your energy with our conservation specialist. For more information or to schedule a Home Utility Checkup, please call 714-939-9020.
How can I be sure that my PACE provider will provide customer support for my home improvements after I have received financing for my project?
Request references from your PACE provider to see if other homeowners are satisfied with their service both during and following the installation. Check with your PACE provider to determine what levels of support they offer for participants who participate in their program, and if there are any additional fees for service calls. Also be sure to review any warranty information in writing to determine coverage for installation labor and materials.
Are the contractors being used by the PACE providers licensed?
The City of Anaheim does not endorse any PACE program provider or third party PACE contractor. Contractors working in the program must possess valid licenses to work in the city of Anaheim. If you are unsure, ask your PACE provider information about the contractor working in and around your home, or check with the California Department of Consumer Affairs.
How can I be sure that the improvements will provide me with specific utility bill savings?
Ask your PACE provider to provide the savings you can expect for the work they are performing in writing. Then check their references to see if other customers are satisfied with their bill savings. Please keep in mind that Anaheim’s rates are typically lower than surrounding communities, which may affect the bill savings estimate.