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P.A.C.E. Lending / Same-as-Cash Financing
What is a P.A.C.E. loan?
The property-assessed clean energy (P.A.C.E.) lending model is an innovative mechanism for financing energy efficient and renewable energy improvements on private property. PACE programs allow local governments, state governments, or other inter-jurisdictional authorities, when authorized by state law, to fund the up-front cost of energy improvements on commercial and residential properties, which are paid back over time by the property owners.
P.A.C.E. financing allows a property owner to implement improvements without a large up-front cash payment. Property owners who voluntarily choose to participate in a PACE program repay their improvement costs over a set time period—typically 10 to 20 years—through property assessments, which are secured by the property itself and paid as an addition to the owners' property tax bills.
P.A.C.E. Lender - Hero Program
HERO, a PACE lending program, can be an affordable way to make energy & water efficient upgrades to your property. With HERO, you can finance home renovations to help lower your utility bills and live more comfortably. Check your home’s eligibility instantly at the HERO website:
HERO’s lending guidelines are predicated on:
- Approvals based primarily on home equity
- Repayments made through property taxes
- Fixed rates and flexible terms of 5 – 20 years
P.A.C.E. Lender - Ygrene Energy Fund Program
Improve your family’s comfort, health and safety, and you may save big on your monthly energy bills and boost the value of your most important investment.
Ygrene Energy Fund, a PACE lender, is one of the nation’s leading providers of residential, multifamily and commercial property assessed clean energy financing. The privately funded YgreneWorksTM program provides immediately accessible financing with no upfront payments for energy efficiency, renewable energy, and water conservation. Ygrene is committed to making it easy for property owners to invest in their future and a healthier environment.
Ygrene is a smart alternative to traditional credit-based financing when you consider:
- You can qualify all of your projects at once
- There are no upfront payments
- Fixed terms up to 30 years are offered
- Energy savings may pay for the improvements
- Payments may stay with the property
- Eligibility is based on property equity
Find out more about Ygrene at:
Variety of Other P.A.C.E. Lenders
Be sure to do your homework when researching your options for P.A.C.E. lenders. There are now a variety of lenders offering this type of financing. Landmark Pavers’ entire Sales Team and Operations Staff is both HERO and Ygrene Certified. We understand that choosing the right contractor is no small task, so we joined with HERO and Ygrene to become a part of their exclusive networks of experienced local contractors. As such, Landmark Pavers maintains a good standing with these lenders, adheres to the consumer safeguards of their programs and is only paid after you sign off on your project.
How P.A.C.E. Lenders Vary
Be sure to explore your options fully with the lenders who offer P.A.C.E. financing. Among the many differences to consider are:
- The variety of interest rates and terms available
- The various locations served
- The breadth of consumer protections offered
- The overall loan amount approved
Funds to pay for home improvement projects may come from your savings, tax rebates, bonuses, or some other source. But that trend is changing. Savvy homeowners are realizing that unsecured loans are easier to get, are faster to process, and with lenders like Enerbank, reduce exposure to financial risk.
Here are some of the reasons to consider an unsecured home improvement loans:
- No waiting - Get the entire project you want completed now the way you want it, instead of waiting to save up the cash.
- Flexibility - Styles, prices, and models change frequently. Avoid product and other changes by completing your entire project now instead of in stages.
- Multiple payment options - More ways to pay for your home improvement project.
- Financial flexibility - If your circumstances change, you may need cash reserves as a back-up plan for life’s necessities.
A same-as-cash loan allows you to improve your home without reducing equity and has several advantages over other funding options, including the following:
Low, fixed interest rates. These rates are easily available to anyone with good credit.
Unsecured. You don't have to put up your house as collateral.
Keeps your home equity intact. Reducing home equity takes away future options.
No headaches. After all your hard work and planning, you’ve earned a quick, hassle-free loan experience, and you get a response within minutes.