If you’re an interested property owner, or an energy services contractor or renewable system installer, we invite you to submit a Project Pre-Application to determine your eligibility. There’s no cost to submit the Pre-Application.
If your project is deemed eligible, we will work with you to get municipal participation, mortgage lender approval, and, if requested, arrange pre-authorized financing.
We are currently in discussions with more than twenty New Jersey municipalities, and anticipate having the first municipal programs established this summer. If your municipality is not one of them, we will invite you to join us in reaching out to them and explaining the benefits of the program, showing them how they can participate at no cost to the government or to the taxpayers, and helping them get approved by the Division of Local Government Services.
If there is a mortgage on the property, we require the mortgage lender’s approval, in order to ensure that you are not violating any of the clauses in your mortgage. We have established relationships with the New Jersey Bankers Association, and offer seminars and information to banks, credit unions, and other financial institutions that are not already familiar with PACE.
Property owners and contractors are free to bring their own financing. If you do not already have financing, we work with multiple capital providers to offer you the best available terms and rates for your project.
Once these elements are in place we invite you to submit a full application. There is an application fee of $650. This fee is nonrefundable in the event you do not proceed, but if approved can be rolled into the financing and reimbursed to you at closing.
Some property owners and contractors are looking at proceeding with projects even in advance of the availability of PACE in their municipality. If these projects are submitted to us and approved for financing they may be retroactively financed for up to two years from the date of completion. We emphasize however that we cannot guarantee that any given municipality will join the program, so proceeding in this way involves a risk that PACE financing may not be available in a timely manner. The financing approval may also be withdrawn if the project’s parameters change or the final cost exceeds the amount pre-authorized for the project. Interest rates are also subject to change, and cannot be fixed until immediately prior to closing.
You are therefore strongly advised to have contingency plans available in the event that suitable PACE financing is not forthcoming.