What is PACE? Property Assessed Clean Energy is a financing solution that leverages property value and household income rather than personal credit scores. It can be used to finance all types of efficiency projects for a home or business, and is ideal for homeowners who want low monthly payments, who have low credit ratings, or who would like to fund multiple home improvement projects (like a new HVAC system, a new roof, and solar).
Generally speaking, homeowners need to have 10-25% equity in their home, be up to date on mortgage and property tax payments, and be able to prove their income! The loan is paid with a special property tax assessment affixed to the property that can be transferred to new property owners.
Residential PACE is available in California, Florida, and Missouri.
For additional info on PACE visit pacenation.org. Here is an overview from PACE Nation:
How To Use Ygrene With Clean.Tech
1) Simply select "PACE Funding" for the project in the Clean.Tech app and the cash price will be calculated for the Home Improvement Agreement with Clean.Tech.
2) Next, call Ygrene directly to work with their reps to qualify your customer and establish monthly payment amounts and a financing contract (see chart below for the Ygrene Application and contracting process)
NOTE: Clean.Tech's California solar license is under Electrious, Inc (dba Clean.Tech)
Tell Ygrene the Project Manager for California is Tom Kunhardt under the Electrious/dba Clean.Tech account
Jordan Long is the Project Manager for Florida under the Solar Direct, and
John Ashe is the Project Manager for Missouri under the ProBid account.
3) Share CleanTech project and proposal info with the Ygrene sales rep.
Ygrene will ask for the following from your CleanTech app and proposal:
- Customer contact info
- CleanTech Project Cost
- System Size
- Wattage and Number of panels
- Inverter type and number - Answer: One (1) central inverter with optimizers
This information will allow Ygrene to provide program options and loan details.
The licensed and certified sales team at Ygrene will handle the financing component of your project's sales process with the homeowner to help them decide which financing product meets their needs and budget.
4) Once the homeowner selects a Ygrene PACE option and is ready to sign, make sure they sign the CleanTech agreement and immediately send it to email@example.com
5) Of course, make sure your homeowner signs the Ygrene loan documents, and provide Clean.Tech with the other post-sale Required Documents (i.e. utility bill & site photos, uploaded in the proposal) so the project can quickly attain notice to proceed (NTP) and be forwarded to our Fulfillment Team! [See the 'Required Documents' article & video for further detail]