PACE Financing in Miramar: Pros, Cons & Alternatives

Thinking about impact windows, a stronger roof, or even solar for your Miramar home but unsure how to pay for it? You are not alone. Many Broward County homeowners look at PACE financing to tackle big-ticket resiliency and energy projects with little upfront cash. In this guide, you will learn how PACE works in Miramar, the real pros and cons, how it can affect your mortgage and future sale, and the best alternatives to compare before you sign. Let’s dive in.

What PACE financing is

Property Assessed Clean Energy, or PACE, is a way to finance eligible home improvements and repay the cost through a special assessment on your property tax bill. The assessment is attached to the property until paid in full, not to you personally. Many programs allow the assessment to remain with the property when you sell, if your buyer and their lender agree at closing.

PACE typically offers fixed terms from 5 to 30 years and can cover hard and soft costs. In Florida, common eligible projects include hurricane hardening like impact windows and doors, roof replacement with impact-rated materials, and storm shutters. Energy upgrades such as high-efficiency HVAC and solar may also qualify. For a national overview of how PACE works, see the U.S. Department of Energy’s explanation of PACE financing basics.

How PACE works in Miramar

Miramar homeowners access PACE through program administrators that operate in Broward County. If approved, your PACE assessment appears on your Broward County property tax bill and is collected through the county’s standard processes. You can review county resources on tax collection via Broward County’s official site.

Most resiliency projects in Broward require permits and inspections. Expect your program administrator to verify permits, but you should still confirm licensing and insurance for your contractor and ensure they meet any program approval rules. Because Miramar faces hurricane risk, measures like roof upgrades, impact windows, and backup power are common. Some flood-related improvements may be eligible, but complex structural work can require additional approvals.

PACE pros for Broward homeowners

• Low or no upfront cash required, often covering permits and soft costs.
• Long terms that can align payments with the useful life of roofs, windows, and similar projects.
• Payment on your property tax bill, which can simplify administration.
• Potential transfer to a buyer at sale, if the buyer, their lender, and the closing process allow it.
• Enables larger, whole-house upgrades that might be hard to afford out of pocket.

PACE cons and risks

• Lien friction with mortgages: a PACE assessment is a property lien that can complicate refinancing and sales. Some lenders require full payoff at closing.
• Higher all-in cost when compared with shorter-term financing or cash, due to interest and program fees.
• Escrow complexities: your mortgage servicer may require escrow adjustments and higher monthly payments to cover the tax bill.
• Default is treated like unpaid property taxes and can lead to tax certificate sales or foreclosure through county procedures.
• Not all mortgage investors accept PACE. Many servicers and underwriters have restrictive policies because of lien priority concerns.
• Contractor and program variations: installation quality and administrator practices differ, which can affect your outcomes.

For broader background on program models and consumer resources, you can explore PACENation’s PACE overview.

Mortgage, escrow, sale, and refinance impacts

PACE appears on title and in tax records as a special assessment. Title companies will flag it, and coverage or exceptions can vary. Before you commit, contact your mortgage servicer and ask for written confirmation of how they treat PACE. Policies differ by servicer, and there is no single national rule that applies to everyone.

• Escrow: Many servicers require PACE assessments to be escrowed. This can increase your monthly mortgage payment.
• Sale and transfer: PACE can be set up to remain with the property so a buyer assumes the assessment. In practice, some lenders will not allow it, and many closings resolve the assessment by paying it off or documenting an approved assumption.
• Refinancing: Some lenders will not refinance a loan when a PACE lien is present, or they will require payoff before the new loan closes. If you plan to refinance within a few years, confirm feasibility first.
• Default and collection: Nonpayment follows the local tax process, which may include tax certificate or lien sales under Florida and Broward procedures.

Cost comparison and viable alternatives

PACE is one way to finance resiliency and energy improvements, but it is not the only path. Compare the full cost and the way each option affects your future plans.

• HELOC

  • Pros: Often lower rates than unsecured loans, flexible draw, and no special assessment on your tax bill. Widely understood by mortgage lenders.
  • Cons: Requires equity and good credit. Variable rates are common. Monthly payments may be higher than long PACE terms.
  • Best use: You have equity, might sell or refinance soon, and want a familiar lien structure.

• Home equity loan or cash-out refinance

  • Pros: Fixed rates and potentially lower cost than PACE. A cash-out refinance can consolidate costs into one mortgage.
  • Cons: Closing costs and a reset of mortgage terms. Underwriting standards apply.
  • Best use: Rates are favorable and you plan to stay long enough to justify refinance costs.

• Energy Efficient Mortgages (EEMs)

  • Pros: FHA, VA, or conventional EEMs can roll qualifying energy upgrades into a purchase or refinance with underwriting that may consider energy savings.
  • Cons: Requires lender participation, an energy assessment, and may not cover non-energy resiliency items like wind or flood measures.
  • Best use: You are already purchasing or refinancing and the focus is energy efficiency.

• Cash

  • Pros: No financing cost, no title encumbrance, and maximum simplicity when you sell or refinance.
  • Cons: Requires available funds and has opportunity cost.
  • Best use: You have reserves and want the lowest lifetime cost.

• Contractor or manufacturer financing

  • Pros: Sometimes offers promotional rates and quick approvals.
  • Cons: Terms vary widely, may be unsecured, and often do not cover entire project costs.

• Tax credits and incentives

  • The federal Residential Clean Energy Credit may reduce the net cost of qualifying solar and certain storage. Review the IRS guidance for the Residential Clean Energy Credit and consult a tax advisor. Local Florida or Broward programs can change, so check county and state offices periodically, starting with Broward County resources.

Smart steps before you apply

Follow this checklist to protect your budget and your exit options:

• Ask your mortgage servicer for written policy on PACE assessments, escrow, and refinance or sale treatment.
• Call your title company and your real estate agent to confirm Broward closing practices and title insurance implications.
• Verify eligible measures with your chosen PACE administrator and confirm permitting with the City of Miramar Building Division.
• Get multiple contractor bids, confirm Florida licensing and insurance, and check if the contractor is approved by your PACE program.
• Compare total cost over your expected holding period. Line up PACE against a HELOC, home equity loan, refinance, contractor financing, and cash. Include any federal credits and estimated energy or insurance savings.
• Request full disclosures from the PACE provider, including a sample repayment schedule, recording and notice forms, transfer rules, default provisions, and all fees.
• Consult a tax professional about how PACE interacts with your property tax bill and with applicable federal credits.

When PACE can make sense in Miramar

PACE can fit when you need major wind hardening or energy upgrades, want minimal upfront cash, and plan to hold the property long enough to see the benefits. It can also work if your buyer pool is comfortable assuming the assessment, though that depends on lender and title company policies at the time of sale.

PACE may not be the best fit if you expect to sell or refinance within a short window, if your servicer’s policy is restrictive, or if the long-term cost outweighs alternatives. For many homeowners with strong equity and credit, a HELOC or a fixed home equity loan may offer lower cost and fewer closing complications.

Final take

PACE financing can unlock important upgrades that protect your Miramar home and improve comfort. The tradeoffs are real, from escrow changes to possible payoff requirements at sale or refinance. The best next move is to confirm your lender and title policies in writing, run a side-by-side cost comparison, and choose the path that protects both your home and your future options.

If you are weighing upgrades or planning a sale with an existing assessment, connect with a local advisor who understands Broward closings and luxury buyer expectations. Reach out to USA Luxury Homes For Sale to Request a Private Consultation and map a plan that fits your goals.

FAQs

How does PACE show up on my Broward tax bill?

• It appears as a special assessment line item on your Broward County property tax bill and is collected through the county’s normal tax process.

Can I sell my Miramar home with an outstanding PACE assessment?

• Often yes, but it depends on the buyer, their lender, and the title company. Many lenders require payoff at closing, so verify early and plan accordingly.

Will my mortgage servicer escrow my PACE payments?

• Many servicers do. Escrow practices vary, so request your servicer’s policy in writing before you enroll.

Do impact windows and roof replacements qualify under PACE?

• These are common Florida resiliency upgrades and are often eligible, but final approval depends on your program administrator and permitting.

How can PACE affect refinancing in Florida?

• Some lenders will not refinance a loan with a PACE lien in place or will require payoff first. Confirm with your lender before you proceed.

Can I use federal tax credits with PACE for solar?

• Yes, the federal Residential Clean Energy Credit may apply to qualifying solar and storage. Review IRS guidance and consult a tax professional.

What should I ask a contractor before a PACE project?

• Confirm state licensing and insurance, get multiple bids, verify they meet your program’s approval rules, and check permits and inspections for compliance.