Blog Topic: PACE Financing in Texas
May 22, 2018
What is TX-PACE?
Property Assessed Clean Energy (PACE) is a proven financial tool that incentivizes Texas’ property owners to upgrade facility infrastructure with little to no capital outlay. PACE financing may be used to pay for permanent improvements to the property that are intended to decrease water or energy consumption or demand, such as installing solar panels.
Approved by State legislation and established by your local governments, TX-PACE programs enable owners to lower their operating costs and use the saving to pay for eligible water conservation, energy efficiency, resiliency and distributed generation projects. Owners gain access to private, affordable, long-term (typically 10-20 years) financing that is not available through traditional funding avenues.
Texas PACE Authority is the nonprofit organization that advances TX-PACE projects in Texas by administering a uniform commercial and industrial PACE program on behalf of local city and county governments.
Who Is Eligible for TX-PACE Financing?
Building owners who own any of the following types of property:
- Commercial Property including nonprofit, institutional, hospitality and retail
- Industrial Property including manufacturing and agricultural
- Multifamily Residential Property including properties with 5 or more units
Where are TX-PACE Programs Being Launched?
Your property must also be in a city or county that has approved PACE financing. The City of Dallas, City of Farmers Branch, City of Amarillo, Tarrant County and Navarro County have passed ordinances that allow for PACE financing.
Please see the Texas PACE Authority’s website for a list of all eligible counties and municipalities at https://www.texaspaceauthority.org/service-areas/
Why Choose TX-PACE Financing?
This unique program enables property owners to overcome traditional market barriers, such as extended payback periods and lack of capital, that can discourage property owners from making energy efficient upgrades to their properties such as installing solar panels. TX-PACE provides a new source of property-secured financing for energy efficiency and water conservation retrofits that doesn’t affect conventional lending sources and does not compete for capital with other investment opportunities.
Does an AXION Solar Energy System Qualify?
A solar panel system qualifies as a TX-PACE energy efficient upgrade because it will reduce your energy demand from the utility company and it will be permanently attached to the building or property.
There are a lot of requirements regarding a properties eligibility, therefore we recommend that you get in touch with AXION first if you’d like to install solar panels on your property.
I’m ready for TX-PACE! What is the next step?
Please email Info@AxionBP.com or call us at (682) 777-0300 to get started TODAY!
Where can I go to Learn More about the TX-PACE Program?
Visit www.TexasPaceAuthority.org to learn more about the TX-PACE Program. Texas PACE Authority is the nonprofit organization that advances TX-PACE projects in Texas by administering a uniform commercial and industrial PACE program on behalf of local city and county governments.