Cape Council Approves PACE Program
On September 25, Cape Coral City Council approved the establishment of a PACE Program for Cape Coral residents. The City is in the process of developing agreements with third-party administrators who will provide the capital for projects and manage all aspects of the program. These agreements will be on a City Council agenda by the end of the year for approval.
The program will allow homeowners to apply for assistance via the Florida PACE Funding Agency, a program originally designed to finance energy efficiency, renewable energy and wind-hardening improvements. Homeowners with serious seawall damage may be able to use PACE to help finance expensive seawall repairs. NOTE: The City advises any property owner with damaged seawalls to check into the Small Business Administration loan program, which likely offers lower interest rates than the PACE Program.
WHAT IS PACE?
"Property Assessed Clean Energy"
Florida passed PACE-enabling legislation in 2010 and there are five active programs operating in the state — all of which offer commercial financing, and two that offer residential financing. After resolving a FL Supreme Court case regarding PACE bond validation, residential and commercial PACE is flourishing in the state. In addition to covering energy efficiency and renewable energy improvements, many Florida PACE programs finance hurricane protection improvements.