Mayor Sylvester Turner and the Texas PACE Authority recently announced the launch of a commercial PACE program in Houston, providing an additional tool for Houston property owners to finance energy efficiency, renewable energy, and water conservation projects.
PACE is a nationally-renowned, voluntary financing program that allows owners of commercial, industrial, and multi-family residential properties (with five or more dwelling units) to obtain low-cost, long-term loans for water conservation, energy-efficiency improvements, and distributed generation.
In exchange for funds provided by a private lender to pay for the improvements, the property owner voluntarily requests that the local government place an assessment secured with a senior lien on the property until the assessment is paid in full. As PACE assessment payments are generally offset by the project’s utility cost savings and the term of PACE assessments may extend up to the projected life of the improvement, improvements financed through a PACE program may generate positive cash flow upon completion without up-front, out-of-pocket costs to the property owner.
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