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Orlando Approves Home Efficiency Improvements

Orlando approves home efficiency improvements – The Orlando City Council on Monday unanimously agreed to establish the PACE program that will provide funding to help residents and businesses make energy and water efficiency upgrades to their properties.Orlando-Approves-Energy-efficient-home-improvements

“The City of Orlando is committed to being the most sustainable city in America, and to accomplish this it takes everyone, from our residents to business and government doing all that we can to conserve, preserve and reuse our valuable resources,” said Orlando Mayor Buddy Dyer, in a written release. “This new program is another way we are providing the necessary tools to help our community reduce our impact on our environment.”

Through the PACE program, Orlando city residents and businesses can take advantage of a new financing option to improve their properties by adding higher-efficiency and energy-saving systems such as air-conditioning units, plumbing fixtures or solar panels to their properties that will help reduce their utility costs and save money.

The PACE program, approved by the state of Florida for local communities to implement, uses approved third-party administrators that provide funding through a special assessment levied on the property. Because of this, the loan stays with the property and allows the assessment to transfer when a home or building is sold.

Additionally, this assessment can be amortized over a period of five to up to 20 years, which allows for the cost savings resulting from the improvements to be used to pay back the annual amount owed.

Currently, more than 60 cities and counties throughout Florida have enabled PACE financing, including Leon and Escambia counties, the city of Kissimmee and Miami-Dade County.

Source: Orlando Biz Journal

Orlando Approves Home Efficiency Improvements


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