Ways to cover the cost of your home project in Florida
Few homeowners pay for a new roof outright. Two financing structures are commonly used to spread the cost over time: one is billed through your property tax account, and the other is a traditional loan repaid monthly. The two work quite differently, particularly if you sell your home before the balance is paid in full.
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How is this type of project typically financed?
There are two primary paths. Under PACE, the cost is added to your annual property tax bill, and the obligation remains attached to the property. Under traditional financing, you borrow the funds directly and repay them monthly; the obligation is yours alone and is not attached to your home.
State Upgrades is a contractor, not a lender. We do not set interest rates, and we do not make approval decisions. Our role is to identify which financing options are available in your area and to provide a written, itemized price for the work. That price can be brought to any lender you choose, including your own bank.
Two financing structures
The central distinction is straightforward: is the obligation attached to the property, or to you personally?
PACE
Billed through your property tax account. Remains with the property.
PACE is a Florida program that must be adopted by your city or county before it becomes available; it is not offered statewide. Where it is available, the cost of the project is added to your property tax bill and repaid in annual installments. Eligible work is limited to storm protection and energy efficiency improvements.
Traditional financing
A personal obligation. Not attached to your property.
This is conventional project financing. Lenders describe it as "unsecured," meaning your home is not held as collateral against the loan. Approval is based on your credit history and income; the lender covers the cost of the work, and you repay a fixed monthly amount.
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Get a free estimateComparing the two options
Ask these same questions of any financing provider you are considering.
| Your questions | PACE | Traditional financing |
|---|---|---|
| Who is responsible for repayment? | The property | You, personally; the obligation appears on your credit report. |
| How is it repaid? | Annually, through your property tax bill. If your taxes are escrowed through your mortgage, that payment will increase accordingly. | Monthly, directly to the lender. |
| What is the repayment term? | Typically longer, resulting in smaller individual payments | Typically shorter, resulting in larger individual payments |
| What is evaluated for approval? | Home equity, and whether your mortgage and property taxes are current | Credit history and income |
| What can it be used for? | Storm protection and energy efficiency improvements only | Any work included in the contract |
| Where is it available? | Only in jurisdictions that have adopted the program | Widely available |
| Fees to review | Origination and administrative fees are added to the financed amount | An origination fee, and a potential prepayment penalty |
| Upon sale of the property | The balance typically must be satisfied at closing | The obligation remains with you, not the property |
| Who determines the rate? | The PACE provider | The lender |
Our financing partners
These are the financing providers our clients most frequently choose to work with. Each sets its own rates and approval criteria, and you would work with them directly.
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Frequently asked questions
Does State Upgrades provide financing directly?
No. State Upgrades is a licensed contractor, not a financial institution. Rates, approval decisions, and terms are set entirely by the financing provider. We supply a written price for the work, which you may take to any lender, including your own bank.
What is PACE?
PACE is a financing mechanism that allows certain home improvements to be repaid through your property tax bill rather than a monthly loan payment. It is authorized under Florida law but must be adopted by your city or county to be available. Eligible improvements are limited to storm protection and energy efficiency projects.
What happens to PACE if I sell my home?
This is an important consideration prior to signing. While the obligation is attached to the property, most mortgage lenders will not permit a buyer to assume it. As a result, the outstanding balance typically must be settled at the time of sale. Request written confirmation of these terms from the PACE provider.
Does PACE require good credit?
Creditworthiness typically carries less weight than with traditional financing. PACE providers generally evaluate home equity and the current status of your mortgage and property taxes. Requirements vary by program and are set by the PACE provider, not by State Upgrades.
Can I use PACE for a kitchen or a bathroom?
Generally, no. PACE is limited to storm protection and energy efficiency improvements. Kitchen and bathroom projects are typically financed through traditional lending or personal funds.
Which option costs less?
This depends on the specific terms offered under each option. When comparing, evaluate the total cost over the life of the financing rather than the monthly payment alone; a longer repayment term typically reduces the monthly payment but increases the total cost.
Can I pay for the project in cash?
Yes. Many clients choose to do so. Financing is presented as an option for those who want it, not a required component of the project, and the price of the work does not vary based on the payment method.
Get your free estimate
Thank you. We received your request and will contact you shortly.
Prefer to talk now? Call us at (786) 589-5123