Payments & Disbursements
How do I pay my PACE Assessment?
Using the PACE structure, CleanFund provides up to 100% up-front capital which is secured by an assessment and repaid over the term of financing via a line-item on the property tax bill. This assessment is billed and collected in accordance with the same schedule as property tax payments but may vary depending on state and jurisdiction. Contact the CleanFund team for more information regarding the specific payment schedule in your jurisdiction.
Can I partially or fully pay off my PACE Assessment financing early?
Yes. There may be restrictions and fees associated with partial or full prepayment, which will be disclosed in the financing agreement. Solar project clients will often choose to pay down the principal of the financing by an amount equal to the tax incentives or rebates they receive.
Can I pay off my assessment early?
Yes. Typically, a prepayment premium must be paid in connection with a prepayment, which is set forth in the assessment contract.
What happens if someone doesn’t pay their PACE assessment?
All property owners are subject to the same process and penalties as a standard property tax delinquency, which varies on a state by state base.
What is the timing of the release of PACE funds?
CleanFund will work with PACE Program Administrators to craft the disbursement schedule for release of funds. Some programs allow for progress payments while others do not, but typically disbursements follow the milestone payment schedule laid out in the executed construction contract between the Owner and Contractor.
How does CleanFund schedule milestone payments?
A typical milestone payment schedule for CleanFund is customized for each project based on the EPC contract. CleanFund will release milestone payments based on the projects size and scope. Total disbursements at any given time may not exceed 20% of the current as-is value of the property.
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