PACE Financing in Houston, Texas.
What is PACE?
Property Assessed Clean Energy (PACE) is an optional financing tool for building owners to pay for energy efficient upgrades such as solar panels. In Texas, single-family residential home owners are not eligible for PACE; commercial and industrial building owners are eligible for PACE.
Who's PACE for?
Building owners who own the following types of properties:
- Commercial Property
- Industrial Property
- Multi-Family Residential Property (5+ dwelling units)
- Non-profit Real Property (ex: private schools, medical facilities, churches, synagogues, temples, mosques, etc.)
Your property must also be in a county or municipality that has approved PACE financing. The City of Houston, Fort Bend County, Brazos County, and Jefferson 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: http://www.texaspaceauthority.org/service-areas/
LOWER Utility Costs
INCREASE Net Operating Income
Bottom Line: Increased Building Value
What can I upgrade?
Anything that will reduce electricity or water demand. A solar panel system qualifies as a PACE energy efficient upgrade, because it will reduce your energy demand from the utility company, it will be permanently fixed to the building or property, and it will have a useful life beyond the PACE financing agreement.
There are a lot more requirements regarding a project's eligibility, so we highly recommend you get in touch with us first if you’d like to install solar panels on your property. Please email us at PACE@veri-solar.com.
Why would I want PACE for my property?
PACE is a solid choice for businesses and organizations who want to make energy efficient upgrades and have little impact on their cash flow. As you might expect, the lender would agree to finance the entire upgrade project at a fixed rate. Terms can vary, but owners can expect terms between 15 - 30 years. This might dishearten even the bravest of property owners, but please don't be disheartened! Please read the next paragraph!
Another nice advantage to PACE is that the loan is tied to the building or property - not the property owner. This is true even after the property is sold. The new property owner must continue to pay back the PACE loan. A traditional loan would mean that a borrower would be responsible for paying back the entirety of the loan; this is not the case with PACE financing. Again, PACE is not available everywhere in Texas - so please make sure your property is in a location that supports it.
I'm ready for PACE! Where do I sign up?
Please email us at PACE@veri-solar.com to get started.