SELF suggested as safer alternative to PACE home improvement lending
The Solar Energy Loan Fund was featured in a positive light by John Oliver during his June 21, 2021 segment on Last Week Tonight about home renovation loans. Oliver explained the PACE lending program as a “cautionary tale, about how good intentions, when not paired with careful, smart design, can end in disaster.” In the segment, Oliver berated the current PACE lending system as “fundamentally flawed.”
Near the end of the segment, Oliver suggested safer, less risky financing alternatives and included SELF as a better option.
“Because for the record, PACE isn’t the only way low-income homeowners can get help to finance green energy upgrades…. And in Florida and California specifically, there are several programs that can assist low-income households in energy funding.”
John Oliver, Last week tonight 6/21/2021
SELF prides itself on creating its loans based on the borrower’s ability to pay. SELF lending officers work with customers to understand their budget and then SELF builds the loan around the customer’s ability to repay.
2018 NBC WFLA: SELF home improvement program alternative to controversial PACE financing
The consumer protection features of SELF’s lending model are explained in a 2018 NBC WFLA Ch. 8 story, which features an interview with SELF’s Executive Director, Doug Coward.
SELF loans are based on ability to pay
There are many ways that SELF loans are different from PACE loans. One of the most important differences is that SELF loans are private and unsecured, which means if a customer cannot repay the loan, they will not risk losing their home, as is the case with PACE loans, which take the primary lien on the home.
To see a comparison sheet about how SELF loans differ from PACE loans click here download our SELF vs. PACE differences chart.