Roof Financing in Florida: Every Option Compared

The average roof replacement in Pinellas County costs $10,000-16,000 for shingles and $20,000-36,000 for metal. That's a significant expense that most homeowners need to finance. The good news: you have options. The bad news: some of those options are dramatically more expensive than others when you factor in total interest paid. This guide breaks down every financing path available in Florida.

Financing Options Ranked by Total Cost

*Estimated total interest on $15,000 loan over the typical term. Actual amounts depend on your rate and repayment schedule.

Option 1: Home Equity Loan or HELOC

If you have equity in your home (most Pinellas County homeowners do, given recent property value increases), this is almost always the cheapest financing option.

Home Equity Loan (Fixed)

• Fixed rate, fixed payments, fixed term
• Rates: 4-8% APR depending on credit and LTV (loan-to-value)
• Terms: 5-15 years typical
• Interest may be tax-deductible (consult your tax advisor)
• Downside: uses your home as collateral. If you default, you risk foreclosure.
• Closing costs: $500-2,000 (some lenders waive for smaller loans)

HELOC (Variable)

• Revolving credit line against your equity
• Draw period (5-10 years): pay interest only on what you use
• Rates: 4-9% APR, variable (tied to prime rate)
• Flexibility: borrow what you need, pay it back, borrow again during draw period
• Downside: variable rate means payments can increase. Also uses home as collateral.

Option 2: PACE Financing

PACE (Property Assessed Clean Energy) is a Florida-specific program that deserves special attention because it's both useful and controversial.

How PACE Works

• You apply through a PACE provider (Ygrene, Renew Financial are the major FL providers)
• No credit check. Approval is based on property value, equity, and property tax payment history.
• The financing is structured as an assessment on your property tax bill
• Repayment terms: 10-25 years
• Rates: 6-9% (higher than home equity, lower than most personal loans)
• Covers "energy-efficient" improvements including cool roofs, impact-rated roofing, and solar

PACE Controversies

• Lien priority: The PACE assessment creates a super-priority lien that sits AHEAD of your mortgage. This makes some mortgage lenders uncomfortable and can complicate refinancing or selling.
• Stays with property: If you sell, the remaining PACE balance transfers to the new owner through the property tax bill. Some buyers won't accept this, potentially narrowing your buyer pool.
• Higher total cost: Over 20-25 years at 6-9%, the total interest on a $15,000 roof can reach $10,000-18,000. A 10-year home equity loan at 5% costs $4,000 total interest.
• Contractor relationships: Some PACE providers have preferred contractor networks. Ensure you're choosing your contractor independently, not being steered.

When PACE Makes Sense

• You can't qualify for traditional financing (no credit check is a genuine advantage)
• Your roof is an emergency and you need fast approval (PACE can approve in days)
• You plan to stay in the home long enough to pay off the assessment
• You understand and accept the higher total cost

Option 3: Contractor Financing

Many roofing contractors offer financing through third-party lenders like GreenSky, Mosaic, Hearth, or Service Finance Company. The appeal is convenience: you apply through your contractor and can often get same-day approval.

Watch for Deferred Interest

"0% for 18 months!" sounds great. But most of these promotional offers carry deferred interest. If you don't pay off the ENTIRE balance before the promotional period ends, you're charged interest retroactively from day one at the full rate (typically 15-22%). On a $15,000 roof, that retroactive interest hit can be $3,000-5,000.

If you use a 0% promotional offer: Divide the total by the number of promotional months and set up automatic payments for that amount. Pay it off before the period ends. If you can't guarantee that, a fixed-rate personal loan is cheaper.

Option 4: Insurance Supplementals

If your roof replacement is the result of storm damage, your insurance claim covers most of the cost. But there's often a gap between what insurance pays and the actual cost:

• Hurricane deductible: 2-5% of insured dwelling value. On a $400,000 home, that's $8,000-20,000 out of pocket.
• ACV depreciation holdback: If your policy is RCV, the insurer withholds depreciation until work is completed. You may need to finance the gap temporarily.
• Supplement process: If the initial insurance payout doesn't cover the full scope, your contractor can file a supplement for additional costs. This takes 2-6 weeks but often recovers $2,000-5,000+ in additional coverage.

How to Choose

Get a Free Estimate First

Before you explore financing, know your actual cost. Use our roof cost calculator for an instant estimate, or schedule a free roof inspection for a detailed quote with line-item pricing. We can also help you understand which financing options work with your specific project. Serving St. Petersburg,Clearwater, and all of Pinellas County.