improvement, it is a 20-year max; that used to be 30 years, but they have dropped that down to
20; a person cannot get an HVAC for 20 years, because that exceeds the useful life of the
product that they are installing; roofs, impact windows, and doors are going to have a higher
term; HVAC systems are going to have a lower term; it could be paid off at any time; and
although the 20-year max, their average assessment life is seven and a quarter years. He
stated most people are refinancing or they are moving; during that time if one is refinancing or
moving during that time, it is very rare to see that go to term; again, these are paid back on the
tax bill; applying for PACE, to sum it up, they do not have door knockers, they do not go and
have aggressive marketing tactics, that is not how they operate; contractors, on the other hand,
oftentimes have those types of marketing; they are not just offering PACE, they are offering
unsecured, how is one going to pay for this, and they have sometimes have their own in-house,
sometimes they have other vendors they work with, and PACE is an option, one of several
options that property owners have when they decide to finance these types of home
improvement; and he reiterated, it is an option. He advised impact windows and doors, roofing,
HVAC; solar is one of those divisive ones; some counties have chosen to not have solar, they
think if one is going to have to use PACE for solar, then maybe one should not be getting solar;
he is not going to say he disagrees with that, that is one of the great things about having Home
Rule is if one decides that this is not what one wants to do, then a person can say he or she
would like to do this program, but they are going to omit solar; and he knows Hillsboro County
did that just recently. He mentioned others want to have that opinion, just depends on what the
Board’s constituents want, what the County feels is best; they did have a couple of new
improvements with the new SB770 and the host consumer protections they did, they added
septic to sewer and septic replacement; again, these are public policy issues, red tide
mitigation is something that is very important, so being able to offer PACE for that, in
conjunction with other County programs, has been very successful; and flood mitigation is also
another, a new improvement, as well as seawalls and generators. He pointed out they do cover
up to 100 percent of the upfront costs, it is not credit-based, that is the way this program is
intended to work; again, interest rates are based on the selected repayment term; actually, that
is not even really right, it is just the same term; it is one interest rate regardless of one’s term;
they used to have a fluctuating, like a five-year term versus a 20-year term, there might be a
better interest rate; they do not do that anymore; and it is just one interest rate, so he
apologizes for the outdated slide. He explained one can combine this with utility, local, Federal,
incentive programs are already available commercially here in Brevard County; they are here to
talk about residential; he used this program when he bought his house in Sarasota; they had
outdated windows and doors; where he was in Sarasota, 175 mile per hour is what they needed
to have; he got new impact windows and doors; he secret shopped his own company, he did
not tell them he was doing it; he had a great experience; his payment ended up being $185 a
month, which he was able to add to his escrow payment; and he was able to escrow that, add it
to his impact account. He stated when he notified his insurance company, and his insurance
rate dropped $100 a month by putting in all those new impact windows and doors, 27 impact
windows and doors; that was a net of $85; that was pretty darned reasonable for what he got,
which by the way it looked beautiful and increased the value of his property; and that is not
necessarily going to happen to everybody, but that was certainly his experience. He noted one
must be current on property taxes for the last three years, current on mortgage, not active
bankruptcy, no involuntary liens on the property, and max funding of just 20 percent of just
value; that is set by the Property Appraiser and not some model they use internally to
determine one’s home value; they just use the published rate that the Property Appraiser uses;
an ability to pay test is one of the biggest improvements that they have on the heels of SB770;
again, before July 1, 2024, it was not required to have the ability to pay test, which seems
crazy, and frankly, maybe it is; but here they are today with the new ability to pay test; it has to
be verified by a third party, they do not accept stated income as one’s ability to pay test; and he
reiterated, they have to verify that. He stated there are several different ways, commercially
available ways, to verify that; if it cannot be verified commercially, it is document collection like
if one gets a HELOC or mortgage; to him, one of the best consumer protections they have is