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1. What are these programs?

These building efficiency programs are funded by private capital to pay for building improvements such as energy/water conservation or solar panels. The costs are then applied to property taxes and paid over time. It’s completely voluntary on the part of customers.

2. 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.

3. 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.

4. 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.

5. How do I get more information?

Currently, 2 financing companies are authorized to provide PACE financing on properties in Anaheim. Although each company can finance both residential and commercial properties, the California HERO Program is tailored to residential single-family homes and Figtree PACE deals mostly in multi-family and commercial buildings.