What is PACE financing?
Property owners may obtain financing for energy efficiency, water conservation, seismic strengthening, and solar energy improvements that is repaid as assessments on their property tax bills through property assessed clean energy (PACE).
Who are the PACE program providers?
Currently, there are five (5) financing companies, California HERO, CaliforniaFIRST, Figtree PACE, Ygrene PACE, and California Municipal Finance Authority (CMFA) PACE authorized to provide PACE financing on properties in Aliso Viejo. Each of the companies can finance residential, commercial, or both types of properties.
There is no affiliation between the City of Aliso Viejo and the PACE providers. The City Council was required only to approve the PACE providers’ participation in the City for those lenders to utilize a property owner’s tax bill for payment purposes. Therefore, Aliso Viejo residents are advised to carefully evaluate any proposed provider and review all contractual assessment terms and conditions before participating in any PACE program.
Are the contractors being used by the PACE providers licensed?
The City of Aliso Viejo does not endorse any PACE program provider or third party PACE contractor. However, the PACE providers do require necessary City building permits to be obtained, and the City requires contractors to have their state licenses for their particular classification when obtaining a building permit. 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.
Who should I, or could I, talk to before committing to a PACE loan regarding consumer questions and alternative lenders?
- Your current mortgage lender
- The PACE provider contractor/salesman
- The PACE loan provider
- Local real estate professionals
- Commercial banks, lenders, and all other financial institutions