The Rowlett City Council adopted the Texas Property Assessed Clean Energy (PACE) program.
The program is aimed to provide long-term and low cost maintenance to commercial facilities, multifamily projects and industrial buildings.
PACE will pay for upgrades including those affecting water conservation, energy efficiency, resiliency, and distributed generation projects. City funds will not be used in the transaction. The local government places a voluntary senior lien on the property for the total cost of the project. The owner pays the PACE assessment until it is paid in full, and it will be administered by the Texas Pace Authority.
“We don’t want to be a one-project wonder,” PACE President Charlene Heydinger said. “If you’ve got churches and small businesses in your community that can use this program to reduce costs and use that capital to hire hire extra people, we really want to do that.”
The program will help the city invest more in community projects while saving money. As opposed to requiring a down payment or collateral on projects, the program allows repayment over time thereby increasing the city’s cash flow and increasing the city’s net income.
Eligible projects include installations of high-efficiency heating and cooling installments, lighting upgrades and irrigation systems.