The recession was over four years ago, yet Florida’s economy falters. However, opportunity awaits. Property owners have an attractive financing vehicle for energy efficiency and wind mitigation upgrades for homes or commercial properties. Financing is immediately available, repaid through payments of annual property assessments.
Florida PACE (Property-Assessed Clean Energy) Funding Agency offers this economic recovery. Through this program, qualified contractors work, making qualified improvements for property owners. This solution is open to any county that invites the agency into a voluntary subscription agreement.
Florida PACE Funding Agency will expand use of renewable energy, reduce energy costs and make structures stronger through wind mitigating improvements at no expense to counties.
Since the agency is a government entity, authorized by statute, counties can enter into agreements immediately, shielding counties from the liability and administrative burdens for running their own programs. The public receives transparent accountability, as the agency is subject to Florida’s Sunshine laws.
The economic benefits begin immediately. Florida PACE Funding Agency secured $500 million funding for improvements, with approval to capitalize up to $2 billion. Neither tax dollars nor federal revenue, funding is available through private capital. Furthermore, private capital means the agency’s program does not encumber the county bonding capacity.
A comparison between the Florida PACE Funding Agency and two private companies purporting to do the same thing makes it clear there is no comparison. But why it is taking so long for counties to embrace FPFA and move forward reaping the economic benefits? The PACE program means lower utility and property insurance bills for residential and commercial property owners and money flowing into Florida’s economies and creating jobs.
Florida PACE Funding Agency is a stable, consistent solution; it’s the only program expressly created by local governments to help Florida. The only question is what are we waiting for?
Ed Dion, CEO, Dion Builders, Tallahassee