The Village of Tequesta Council voted to adopt the Palm Beach County Pace Program. The PACE Program has four providers available to the residential and commercial owners in Tequesta. For more information, visit PACE's webpage.
Benefits for residential property owners
Lower utility bills and a more comfortable home are the big benefits of home energy efficiency. By combining proper equipment maintenance and upgrades with recommended insulation, air sealing, and thermostat settings, you can reduce your energy use for heating and cooling and reduce environmental emissions. Wind mitigation improvements can provide a safer home and protect your loved ones and the contents of your home during a damaging wind event (e.g., hurricane). These improvements may also reduce the wind portion of your property insurance bill by up to 77%, depending on the age of your home and type of improvement.
Benefits for commercial property owners
Businesses often face capital budgets constraints that force business owners to delay capital improvements. Counterpointe Sustainable Real Estate™ financing enables business to take advantage of longer terms that allow fixed rate annual payments. Owners can make wind resistant improvements and realize energy savings associated with energy efficiency and renewable energy generation improvements. In addition, CounterpointeSRE financing maintains your company’s cash position while allowing capital projects to be advanced immediately.
PACE provides an innovative solution for capital improvements.
PACE improves cash flows of the property through utility savings and lower capital costs than both equity and mezzanine debt.
Assessment may qualify as an operating expense, thereby preserving capital and credit lines for investment. PACE enhances property value without ROI limitations. Energy projects can deliver net positve annual cash flows to owners or tenants in first year after project completion. PACE financing optimizes a building's capital stack with potential for off-balance sheet treatment and no acceleration clauses.
The Program financing is considered a tax assessment levied by the local governmental taxing authority, similar to a infrastructure improvement bond. Because the financing is a tax, it may be reported similar to other line item taxes on the income statement of the property. Please consult with your tax advisor for further information on how this type of financing affects your property.
- The financing is self amortizing ( no balloon payment) with terms that match the useful life of the improvement.
- Fixed interest rates up to 30 years
- Similar to a non ad-valorem tax, the regular payments are collected along with the normal real estate taxes on your tax cycle.
- 100% financing of project, including all soft costs such as permits, inspections, pre-paid service/warranty contracts and design fees
- Closing costs can be capitalized
- Maturities between 5-30 years up to the estimated useful life of the improvement
- Prepayment is not required upon sale or refinancing of the property
- May qualify for off balance sheet treatment
- Non-ad valorem assessment for tax purposes