Rep. Randy Fine (R-Palm Bay) is backing a legislative proposal that expands the types of projects and upgrades eligible for a loan under the Property Assessed Clean Energy (PACE) program. Right now, PACE gives people loans for certain home improvement projects like clean energy and hurricane proofing. Fine's bill would add water conservation, flood prevention, and more to that list. He says the program would provide a more affordable option than what's currently available.
"Right now, if I want to hook to a sewer line in Brevard County, I either have to have $10,000 sitting in my pocket, or I have to get a second mortgage or a home equity loan. It's very difficult to do because not that many people have that kind of money sitting around," Fine says.
Once approved by local governments, PACE program providers can work in a municipality. Homeowners who want eligible repairs and upgrades under the program can go to the provider and take out a loan.
"The difference with this type of financing is you pay it back once a year as opposed to every month, and it just shows up as a line on your property tax bill," Fine says.
