You are asking what are PACE or HERO loans? PACE stands for “Property Assessed Clean Energy” and HERO stands for “Home Energy Renovation Opportunity”. These loans finance energy efficiency upgrades but generally come with high interest rates and most importantly the loans are attached to the property, not to the homeowner. The repayment of this loan is attached to your property taxes. What does that mean to you? When going to sell your house the obligation passes on to the next homeowner or you must pay off the entire outstanding balance on the spot.
Read the article below for more information from the MarketWatch website to help you make an informed decision when doing energy efficient upgrades to your home.
Cindy Gootee 