The Margate City Commission unanimously voted in favor of supporting Property Assessed Clean Energy (PACE) programs that would assist Margate property owners with financing for energy efficiency, wind resistance and renewable energy upgrades to their homes. PACE programs allow a property owner to make certain improvements, such as roof replacement, installing solar panels, tank-less water heaters, hurricane proof windows and any other storm safety repairs or improvements to their property and finance the costs by placing them on the property tax roll as a special assessment for that property. The property owner then pays off the special assessment over time, together with their property taxes.
PACE financing helps property owners overcome the barrier of high up-front costs, and thus encourage the installation of renewable-energy equipment and other improvements that would increase energy efficiency and wind resistance.
The three financing agencies available to homeowners in Margate are: