360 PACE financing does not require many of the qualifications required by traditional sources of project capital. This unique financing mechanism is based on the value of your property, not your personal credit. A 360 PACE assessment loan could be paid back at the same time as your regular property taxes, or even paid monthly. It is really up to you!
What is the maximum amount I can finance?
The maximum amount of PACE financing available to any property owner is determined by the value of the property according to the County Tax Assessor or the County Appraisal District. The maximum amount of the PACE Assessment loan is 20% of the value of the property. If a discrepancy exists, further review may be required.
Can I keep the rebates associated with my project?
Yes! 360 PACE does not require rebate funds to be applied to reduction of project costs.
How do I know if I qualify for PACE financing?
Just call our office and we will you forward our application form to you. The form will take roughly 30 minutes to complete (it is quite comprehensive). The good news is that this will cover roughly 90% of the work on your end.
How long can I finance my improvement project?
Terms can be structured from 5 to 20 years. The length of your repayment period will depend on the useful life of the equipment upgrades you choose. Of note, solar and many other renewable generation products can be financed at the full 20 years.
Must I have an energy audit of my property?
We do not require an energy audit or “test in, test out” procedures. We do recommend engaging a knowledgeable contractor or energy specialist to design your project to ensure proper functionality and safety. But most importantly, to determine your cost to savings ratios.
What does the application fee cover?
The application fee starts the administrative process including ordering a title report. The application fee can be rolled into your financing and reimbursed upon closing.
Once I submit my application, how long does it take to be approved?
360 PACE will typically approve your application to participate in the PACE program within a week of receiving it. Approval to participate means that your property meets eligibility requirements. If your property is mortgaged, 360 PACE must obtain the consent of your mortgage lender before funds are approved.
Once my application is approved, when can my contractor commence to install the new equipment?
We will wire the funds to a title company that is convenient for you with a 360 PACE representative present to answer any questions. Once your 360 PACE loan is funded at the title company, you are free to commence with your PACE project.
What is lender consent?
PACE assessment liens to secure the financing are at parity with general property taxes and, therefore, senior in lien priority. 360 PACE obtains lender consent to ensure that property owners are not in violation of existing mortgage covenants.
How long does the lender consent process take?
Typically, obtaining lender consent will take 2 to 5 weeks.
What is a “one-time close”?
We will close at a title company close to you. We will wire 100% of the funds to the title company 24 to 48 hours in advance. The title company will prepare the financing documents and any other documents to be recorded at the county clerks office. At closing, you will receive your funds via a wire transfer or cashiers check from the title company.
When do I make my first assessment payment?
Dependent on your State and your preferences, the 360 PACE loan will be due alongside your property taxes. In Texas, the date is February first. This could be your first installment date OR you may prefer to pay monthly.
Can I pay off my PACE assessment early?
Yes…..and without a pre-payment penalty. Property owners should contact 360 PACE for a payoff amount.
If I want to use 360 PACE financing but my city is not currently participating in the program, what should I do?
360 PACE is available to all cities and counties in Texas (and other States). Please contact a 360 PACE representative if you would like to learn about how to bring 360 PACE to your community. We may ask you to submit the details of your project to determine the best approach.