Pace Funding for Homeowners
You can get the funds
to get it done.
How does PACE financing work?
PACE financing, or Property Assessed Clean Energy financing, lets you use the money you have already invested in your home to secure funds for critical home improvements. It offers the ideal combination of fast approval times, long repayment terms, and low-fixed rates so you can upgrade your home today and keep repayment costs affordable over time. Best of all, we will never use your credit score to determine if you are eligible. With PACE Funding, critical renovations are suddenly within your reach.
Finance your home projects with zero down.
No upfront costs and your first PACE payment may not be due for up to 18 months.5Don’t wait to start emergency home repairs.
We can often approve your application in minutes, so you can start your home renovation right away.Gain peace of mind with fixed interest rates.
PACE financing allows you to enjoy fixed rates as low as 3.99% / 6.58% APR.1Upgrade to the home you deserve.
Everyone should have access to a safe, comfortable, and efficient home.Work with a contractor that fits you.
We will match you with a PACE-approved home improvement contractor.What is the best way to pay for home improvements?
There are many financing options available. Whether you are considering a secured loan option such as a home equity line of credit (HELOC) or Home Equity Loan or a unsecured personal loan, it is important to understand what types or rates, repayment terms, and approval criteria are available. Use the table below to compare your options.
PACE Funding |
Home Run Loans | Home Equity Line of Credit (HELOC) | Credit Card | |
|---|---|---|---|---|
| Repayment Terms |
Up to 30 Years
|
Up to 25 Years
|
Up to 30 Years
|
Not Applicable
|
| Rate Structure |
Always Fixed
|
Always Fixed
|
Fixed or Variable
|
Compounding
|
| Approval Time |
Within Minutes
|
Within Minutes
|
Up to a Month or Longer
|
Same Day
|
| Approval Based on Credit Score |
No
|
Yes
|
Yes
|
Yes
|
| Obligation Shows on Credit Report |
No
|
Yes
|
Yes
|
Yes
|
| Lien on the Property |
Yes
|
No
|
Yes
|
No
|
| Tax Deductible Interest |
Consult Your Tax Advisor
|
No
|
Consult Your Tax Advisor
|
No
|
| Rates |
3.99% Rate / 6.58% APR1
|
3.99% Rate / 6.2% APR2
|
Dependent on Credit Score
|
12.99% – 21.99% APR4
|
| Enhanced consumer protections |
Yes
|
Yes
|
No
|
No
|
4 easy steps to upgrade to the home you deserve.
Step 1: Choose a home project that is PACE eligible
Our program is specifically designed for use with home improvement upgrades tied to renewable energy, energy efficiency, safety, resiliency, and water conservation.
Common projects financed with PACE include: Solar, Roofing, Windows & doors, HVAC, Water conservation, Hurricane, Wildfire, & Earthquake resiliency.
Step 2: Qualify regardless of your credit score.
PACE isn’t a traditional loan, so we don’t use your credit score to determine if you are eligible. Approval for PACE financing is based on the amount of equity you have in your home, your mortgage payment history, and your ability to repay your PACE assessment.
Step 3: Choose affordable PACE repayment terms.
Your PACE assessment is repaid as part of your property taxes. This innovative approach offers low, fixed rates and long repayment terms, so your payments are always affordable. You get affordable financing that may cover 100% of your project costs, with $0 down. Most importantly, you get the home you deserve.
Step 4: Work with PACE-certified contractors.
We can connect you with one of our certified PACE contractors, or you can use a contractor of your choice and we will enroll them in our program. Either way, you get the peace of mind that comes with working with an approved Home Run Financing contractor.
Eligible in multiple states and over 909 communities
PACE financing projects include heating and air conditioning, solar, roofing, storm windows and doors, water and plumbing, landscape, lighting, insulation, electrical, and more, depending on state and local statutes.
Click a state below to confirm PACE financing is available in your area.
California
Florida
Missouri
Frequently Asked PACE Financing Questions
There are several types of home improvement loans, such as a Home Equity Line of Credit (HELOC), Home Equity Loan, personal loans and unsecured loans. All of these options tend to use your credit history or FICO to determine if you are eligible and what interest rate you will receive. PACE is different, and is technically not called a loan. PACE stands for Property Assessed Clean Energy. We don’t use your credit score to determine if you are eligible and your rate is never determined by your credit score. Instead, approval is based on the amount of equity you have in your home, your mortgage payment history, and your ability to repay your PACE assessment.
A typical personal or unsecured home improvement loan starts with a standard application either online or over the phone. This can be quick, but approval is largely FICO based. Once you are approved, you will be able to use the funds for any home improvement project. It will be your responsibility to select a contractor and the contractor will invoice you directly when they are done with their service.
PACE financing is different, as it will pay the contractor directly at the end of your project, but not before you provide both written and verbal approval that you are 100% satisfied. With our program you will never see a bill from your contractor and your first payment may not be due for up to 18 months!
Our PACE home improvement financing is available the same day you buy your home. Some providers require at least six months from the time you purchase your home to the time you are able to apply for an equity based home improvement loan, so be sure to check with your loan provider for details.
APR example uses a $25,000 project with 30 year term. Base rate is 3.99% and requires a 13.99% homeowner buydown fee that is financed as part of the PACE property tax assessment. Final APR will vary on based total project cost, selected term, and rate choice. Rates are current as of August 1, 2021 and are subject to change without notice. Not all rates and terms are available in all states.
APR example uses a $25,000 project with 25 year term. Base rate is 3.99% and requires a 14.99% homeowner buydown fee that is financed as part of the loan. Final APR will vary on based total project cost, selected term, and rate choice. Rates are current as of August 1, 2021 and are subject to change without notice. Not all rates are available in all states.
30 year repayment terms are not available for all project types. Repayment terms are determined by estimated useful life of the product and manufacturer product warranty period. Repayment term options may vary by state. Not all term options are available in all states. Term options are subject to change at any time.
Rate range is for Discover Card and is based on data compiled in February 2021 from the Discover website.
First payment due date is dependent on local property tax payment schedules as determined by the city, county and state address of the property with the PACE assessment.
30 year repayment terms are not available for all project types. Repayment terms are determined by estimated useful life of the product and manufacturer product warranty period. Repayment terms may vary by state. Not all term options are available in all states. Term options are subject to change at any time.
