A loan program that allows borrowers to finance energy-efficient products for their home.
The PACE (Property Assessed Clean Energy) loan program allows borrowers to finance energy-efficient products for their home, such as dual pane windows, solar energy, insulation and more. The loan payments are made through an increase in the property tax.
These loans must be paid off when refinancing since the PACE loan will not subordinate to the new first loan. A PACE loan can typically be found on the property's Preliminary Title Report (from the escrow/title office) and/or on the property tax bill (from the County Assessor).