PACE: The Preferred Solar Loan Option for California Homeowners

Published On - October 28, 2022

Eric Electricity

Call us biased, but we believe that solar energy is the best choice for California homeowners.  We’ve written articles about how homes with solar power don’t have to worry about power outages and scheduled shut-offs, or have to deal with the rising costs of the public utility electric bill.  There are many families across the state who agree and who would love to power their home with clean renewable energy, but hesitate because of finances.  Saving money with solar can seem out of reach for those who need it the most.  Fortunately, PACE is available here in California, and it is designed to help everyone have the choice to go solar.

What Is PACE?

PACE or “Property Assessed Clean Energy” Financing is a government-funded program put in place to encourage clean energy use.  Clean energy projects can include improvements to heating and cooling systems such as energy-efficient windows, roofing, and appliances; they can also include solar power PV panels.  Financing is available for between $5,000 and $100,000 and can easily cover the cost of a solar installation as well as any other energy projects you have for your home.

The financing works very similarly to a loan in that there are short and long-term options ranging from 5 to 20 year plans.  A key difference is that PACE Financing funds are applied to a property, rather than to an individual, and are paid and governed in the same way as property tax.  

What Are the Perks of PACE Financing?

There are several reasons to choose PACE Financing for your solar project.  

  • PACE is a no-money down option. Not having to put cash down upfront means that your solar panels can start saving you money from the first day they are installed.  
  • Low and fixed interest rates keep the solar savings in your favor.  PACE interest rates vary between 3.69% to 8.49% – a much lower rate than most credit cards or personal loans.
  • If you decide to pay off your solar panels early, there is no prepayment penalty with PACE Financing.  
  • For those who usually have difficulty finding financing, PACE is easy to apply for – even with a poor credit score.  If you are current with your mortgage payment and haven’t declared bankruptcy within the last 3 years, PACE will work with you to help you benefit from solar energy.

Your Solar Project Starts Here

You already know that going solar is a great choice — for you, for the community, and for the future.  PACE financing makes it easier for everyone to start using cleaner, safer energy.  Most of our customers apply for PACE because it is the logical choice.  If you are looking into solar energy, and cost is a deciding factor for you, get in touch with us here at Synergy Power to learn more about PACE financing.