AUSTIN, Texas, April 15, 2014 /PRNewswire/ -- Local governments, lenders, manufacturers, engineers, contractors, and commercial property owners are being asked for input on the final draft of policies, processes, and documents for use in launching the Property Assessed Clean Energy (PACE) program throughout Texas.
The PACE financing program, which was signed into law by Gov. Rick Perry last June, allows commercial, industrial, and multi-family property owners to obtain low-cost, long-term private sector financing for water conservation and energy-efficiency improvements to their properties.
The non-profit organization formed to promote PACE legislation is distributing the final draft of the "PACE in a Box" toolkits throughout Texas, at no cost to local governments, with a goal of providing everything needed to create a uniform, sustainable, and scalable program in Texas.
"We know that success hinges on making PACE financing as practical and user-friendly as possible," said Charlene Heydinger, Executive Director of Keeping PACE in Texas. "The feedback will ensure that PACE in Texas reflects the best thinking on energy efficiency, water conservation, and implementation of the program. We want Texas to serve as a model in maximizing the benefits of PACE throughout the United States."
In an effort to incorporate the experience of PACE administrators and users in other states, and to attract companies interested in administering the program in Texas, the group is seeking feedback from stakeholders nationwide as the final step in the design process.
The toolkit, covering details such as the PACE loan application, debt servicing responsibilities, administrative fees, and savings metrics, is available here.
The request for information (RFI) documents are found here, and comments are requested by May 15, 2014.
"Many commercial property owners are unable to make efficiency and conservation improvements because of the upfront costs and capital normally required," said Heydinger. "PACE loans will enable Texas businesses to upgrade and enhance the value of existing structures, save substantial amounts in water and energy costs, amortize the debt over the useful life of the improvement, and create thousands of jobs."
In most cases, the annual utility savings resulting from the qualifying conservation improvement will exceed the amount of the annual assessment, allowing a PACE project to pay for itself over time.
For information about the PACE financing process and more, visit www.keepingpaceintexas.org.
For additional information: Charlene Heydinger, 512-469-6184, or [email protected].
SOURCE PACE Texas