Florida's Home Improvement Funding PACE and YGrene Programs Not Without Controversy, Insurance Journal Reports

The Loss Recovery Law Group, PL.

Florida's popular "PACE" program has not been without controversy, the Miami Herald's Alex Harris reported here via the Insurance Journal today, March 4, 2020.

Called the Property Assessed Clean Energy program or PACE for short, it allows homeowners to borrow tens of thousands of dollars for energy-efficient or hurricane-resistant improvements to their home with no money down and no credit check required. Instead, a new type of private lending industry — dominated in Florida by the company Ygrene Energy Fund — collects payments through property tax bills.

But currently, there are no statewide laws requiring PACE providers to explain the costs of the improvements, check if the people who sign up can actually afford to pay back the money or understand the terms. 

The Loss Recovery Law Group urges Florida homeowners to fully evaluate the costs of the program and their own plans for how long they’ll be living in their current residence.