Pace Financing Programs in Southern California
Pacific Aire Heating and Cooling is a California First registered contractor as well as a HERO Registered Contractor. Both programs are part of the Pace Financing Program.
Cities inside Pacific Aire’s service area that qualify for PACE financing programs:
Ventura County Pace Approved Cities: Camarillo, Fillmore, Moorpark, Ojai, Oxnard, Port Hueneme, Santa Paula, Simi Valley, Thousand Oaks, Ventura.
Los Angeles County Pace Approved Cities: Agoura Hills, Burbank, Calabasas, Malibu, San Fernando, Westlake Village.
In today’s world we cannot imagine living without amenities like Air Conditioning, hot water, and round the clock electricity and more. We often forget the fact that too much use of these modern day facilities exhausts huge natural resources and puts added pressure on the environment.
With growing pollution and the scare of global warming, it has become important to use clean energy and put a check on indiscriminate energy spending. Because of the cost of upgrading to energy efficient appliances, homeowners often steer away from making their home and appliances more energy efficient. But without the active participation of the masses, it would be almost impossible to make the dream of a world with clean energy come true. The main factor that deters people from investing in energy efficient home upgrades is the upfront cost although in the long run the utility savings will make the investment worthwhile over time.
As a homeowner you often hear about the benefits of making energy efficient home upgrades, like replacing an old inefficient air conditioner, modifying doors and windows for energy efficiency, adding better insulations for the home and more. Utility companies in Southern California are offering incentives and rebates associated with these home upgrades to help with the cost. Thankfully there additional options that help homeowners to do the necessary energy efficient upgrades without taking up a big financial burden and that option is the PACE (property assessed clean energy) financing program.
The first PACE program was used in the city of Berkeley, California with help from the city administration. This is not a traditional financing program as it will allow homeowners to receive financing for energy efficiency improvements through the equity and value of the home. You can then can repay the borrowed money through your property taxes over a period of time up to 20 years so that you are not under financial pressure. Ventura County and Los Angeles County have been successful in implementing PACE financing programs like The Hero Program and California First. It is in the Governments best interest to help reduce energy costs for both commercial and residential properties, helping you to move towards renewable energy sources, reduce green house gas emissions and more. Homeowners who go through this process will also benefit from the fact that after making the following changes, their utility costs will be lower than before.
The application process is quick and easy. Most homes in the approved PACE financing area will qualify. Eligibility is NOT based on your credit score. If you’re like most people these days, you may have encountered some hard times and your credit score may have fluctuated. What qualifies you is the property value in your home.
Here’s how PACE financing works:
- All mortgage-related debt must not exceed 90% of the value of the property.
- Mortgage payments must be current at the time of application, and property owner(s) must not have had more than (1) 30-day mortgage late payment over the past twelve months.
- Property taxes must be current and there must be no more than one late payment in the past three years.
- No outstanding involuntary liens, such as tax liens or mechanic’s liens.
- Property owner(s) must not have had any active bankruptcies within the last seven years, and the Property must not be an asset in an active bankruptcy. However, if a bankruptcy was discharged between two and seven years prior, and the property owner(s) have not had any additional late payments more than 60 days past due in the last 24 months, the property owner may be approved.
- Mobile homes must be permanently attached to the property and the owner of the underlying property must be the applicant and be subject to real property taxes
Financing is done through a registered contractor . To find out if your home is qualified, please contact us at 800.869.0057 or complete the CONTACT US TODAY! form on this page and a qualified financing specialist will walk you through the application process.