California is a major participant in the PACE program! Property Assessed Clean Energy (PACE) financing, an alternative to a loan and helps property owners manage the barrier of high up-front energy equipment and installation costs.
PACE financing ties the cost of home improvements to the property itself which has statistically shown to be a value-add when reselling your property. When a property owner participating in a PACE program sells the property, then the repayment obligation legally transfers with the property. The benefits of PACE financing include long-term, fixed-cost financing; loans tied to the tax capacity of the property rather than to the owner’s credit standing; a repayment obligation that legally transfers with the sale of the property; and potentially a deduction of the repayment obligation from federal taxable income, as part of the local property tax deduction. Read more here.
ALLY can help you get PACE for your solar energy system! Contact us today for info.