Understand the options you have to pay your PACE assessment
PACE financing is easy. Choose to pay your PACE assessment on your property tax bill (for the term of the financing); or pay off or pay down the assessment by making a prepayment.
(Option 1) Paying the PACE assessment (based on agreed-upon terms).
Pay the assessment as you currently do — once or twice a year, depending on how property taxes are billed where you live. (Or pay monthly through an impound or escrow account.)
The assessment will appear as a line item on your property tax bill.
The assessment will continue to appear on your bill for up to 30* years (based on the term length of your financing).
(Option 2) Prepayments
Another approach to paying off the assessment is to make prepayments. This may shorten the years required to repay the cost of your home improvement as part of your property taxes. Prepayment can be done in the following ways:
Paying Down the assessment: Any additional payment made outside your regular tax bill is called a paydown.
Paydown prepayments must be in either $2,500 increments or the outstanding assessment balance.
Paying Off the assessment: A payment that pays for the assessment in full is known as a payoff. By completely paying off the assessment, you remove the tax assessment from your property.
Should you wish to prepay your RenewPACE or CaliforniaFIRST tax assessment, there are no prepayment penalties. If you are interested in either paying down or paying off your assessment, please contact us at 844-736-3934 or prepayments@renewfinancial.com
