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Texas PACE Program
The Texas PACE (Property Assessed Clean Energy) Program is an innovative financing program that enables owners of commercial and industrial properties to obtain low-cost, long-term loans for water & energy efficiency equipment and upgrades.
Per Chapter 339 of the Texas Local Government Code, the PACE statute authorizes municipalities and counties in Texas to work with private sector lenders and property owners to finance qualified improvements using contractual assessments imposed on the property. The assessments are voluntary and would require authorization from the property owner.
PACE is designed to provide upfront financing for water & energy efficiency equipment which is then repaid through the efficiency savings created by the equipment. The term of a PACE loan may extend up to 20 years, resulting in utility cost savings that exceed the amount of the assessment payment. As a result, improvements financed through PACE generate positive cash flow upon completion with no out-of-pocket cost to the property owner. If the property is sold before the loan is repaid, then the repayment obligation is transferred to the new property owner.
For more information on the Texas PACE Authority, click here.
402 Morton Street Richmond, Texas 77469 281-342-5456-direct www.richmondtx.gov
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