March 16, 2018
Though most property owners and developers want to insert some kind of environmentally sustainable feature into their buildings, the costs can sometimes be difficult to justify. Between the up-front capital expenditure and the delay in seeing any kind of savings, “going green” is a nice concept in theory, but too expensive to consider in the real world.
At least, until recently. The Texas Property Assessed Clean Energy Authority – TX-PACE, for short – offers long-term loans for energy and water-conservation efforts on most types of commercial real estate. Projects can include everything from installing an energy-efficient chiller, to placing solar panels, to putting in plumbing and irritation systems that save water. “PACE provides financing where green projects make sense, economically,” commented TX-PACE’s Jonathon Blackburn at a recent Fort Worth BOMA luncheon.
TX-PACE, a 501(c)3 non-profit corporation, works through municipalities, as well as county and regional agencies throughout Texas to provide 100% of financing for development projects in which water and energy efficiencies are boosted. Furthermore, the TX-PACE loans are structured in such a way so that operational savings exceed loan payback costs from the start.
Blackburn said, during an interview, that developers can tap into the PACE program by going to the website and getting a municipal or agency official involved. “We go where folks are asking us to go,” he said. “If the local property owners want the program, that’s when we come in.”
For comments, questions or concerns, please contact Amy Sorter