PACE (Property Assessed Clean Energy) Financing is one way for home and business owners can pay for their solar power systems.
HERO is a program which several cities in California participate in. The city pays for the solar system and the building owner pays back to the city through his/her property taxes. The debt is tied to the property; therefore, the personal credit score is not a factor in approval of the loan and if the building is sold, the loan goes to the new owner as a part of their property tax payment. The term of the loan can be 5, 10, 15 and 20 years.
Most of the residential PACE program is implemented by HERO, while commercial PACE program implementers are HERO and Figtree Financing.
As Vaha Energy, we provide the information on how much a business can borrow and what the payment terms and amount would be, so that the clients can see if PACE is a viable option for their specific project.
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