On March 26, 2015, Travis County became the first jurisdiction in Texas to formally adopt PACE. This innovative program allows commercial and industrial property owners to access long term financing for projects that reduce their energy and water consumption secured against the value of the property, rather than the business or its owners. PACE loan payments are billed and collected by Travis County as a Property Assessment in a single annual payment.
Lenders Love It!
Lenders offer very competitive financing rates, due to the security of knowing that the loan stays with the property until it comes to term. If a property is sold, the PACE loan transfers to the new owner, and does not have to be paid off at transfer of property title.
- PACE Projects are cash positive from day one; Savings to Improvement Ratio is > 1
- Buildings are upgraded with solar and deep energy or water conservation retrofits, which helps cities, counties, states, and our country meet carbon reduction goals, and help Texas conserve water;
- Property owners lower their operating costs and add value to their property
- Tenants can access attractive financing to invest in technologies that lower their operating costs
- Banks are eager to participate adding to their customer base in a secure, reliable loan structure