Property Assessed Clean Energy (PACE) Program

As the first local government in Miami-Dade County to achieve the Florida Green Building Councils Silver Certification, the Town of Cutler Bay recognizes the importance of encouraging the expansion of the use of renewable energy sources in order to diversify the state's energy supplies, reduce dependence on foreign oil, and mitigate the effects of climate change.

One of the many green initiatives by the Town—along with the municipalities of Coral Gables, Palmetto Bay, Pinecrest, and South Miami (known as the Green Corridor)—is establishing the Property Assessed Clean Energy (PACE) Program within the Green Corridor communities.

About the PACE Program

The PACE program provides affordable financing allowing property owners to pay for upgrades that harness renewable energy, increase energy efficiency, protect against storms and conserve water.

The PACE program enables property owners to borrow money to install equipment like solar panels, wind generators, insulation or shutters on their homes. Funding is provided through bonds issued by a special district and backed by property tax liens on the residences of owners who are awarded PACE loans from the bond pool. The property owner repays the loan over a 10, 15 or 20-year period through an increase on their annual property taxes approximately equal to one-twentieth of the loan, plus interest.

For many homeowners, the annual energy cost savings they earn from the retrofitting will exceed the cost of the annual repayment costs. Learn more about the PACE program through the link below.