|Incentive Type:||PACE Financing|
|Eligible Efficiency Technologies:||Lighting, Lighting Controls/Sensors, Chillers, Furnaces, Boilers, Heat pumps, Central Air conditioners, Heat recovery, Energy Mgmt. Systems/Building Controls, Duct/Air sealing, Building Insulation, Windows, Custom/Others pending approval, Yes; specific technologies not identified, Passive Solar Space Heat, Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Wind, Biomass, Hydrogen, Daylighting|
Maximum loan: 10% of just value of the property (exceptions may apply)
Maximum term length: 20 years
Note: The Federal Housing Financing Agency (FHFA) issued a statement in July 2010 concerning the senior lien status associated with most PACE programs. In response to the FHFA statement, most local PACE programs have been suspended until further clarification is provided.
In November 2010, the Miami-Dade County Board of County Commissioners adopted Ordinance No. 10-78, creating the Voluntary Energy Efficiency and Renewable Energy Program. The program provides financing assistance for residential and commercial property owners of property located in Miami-Dade County. In order to participate in the program, the applicant must be the legal owner of the property on which the improvements will be made. In addition, the applicant must be current on any mortgage and cannot be in bankruptcy. The property may not be an asset in any bankruptcy proceeding and cannot have any federal income tax lien, judgment lien, construction lien, or similar. All property taxes must be paid and not have been delinquent for the previous three years (or the property owner's period of ownership, if less than three years).
Applications must be submitted to the county and must include a cost estimate for the installations completed by a certified contractor. The property owner must agree to a non-ad valorem assessment in order to secure a loan as part of the program. Loans are limited to 10% of the just value of the property unless the mortgage holder agrees to a higher financing amount, or the energy audit shows that the annual energy savings from the improvements would equal or exceed the annual repayment of loan. The repayment term may not exceed 20 years.