El Paso County Commissioners approved a proposal that will soon allow business owners and developers to tap into the Texas Pace program.
Property Assessed Clean Energy (PACE) is an innovative financing program that enables owners of commercial and industrial properties and residential properties with five or more units to obtain low-cost, long-term loans for water conservation, energy-efficiency improvements, and renewable retrofits. Loans are structured to be repaid from energy savings and provide positive cash flow to property owners.
While downtown property owners are sure to greatly benefit from this program, it will be available to property owners from Anthony to Fort Hancock and beyond, providing economic development opportunities to these underserved communities.
Program details are being worked on with an implementation plan to quickly follow. Local and outside lenders are already lining up to provide the necessary capital for financing a multitude of projects.
El Paso taxpayers benefit by shifting the burden off of homeowners to the commercial sector, who will benefit from increased energy efficiencies, lower utility bills and healthier cash flows.
Participation in the program is voluntary and, as Chairman of the El Paso Building and Standards Commission, I look forward to having one more tool available to help improve our quality of life.
- Michael Bray
Author:Michael Bray Phone: 915-549-1770 Dated: June 27th 2016 Views: 1,258 About Michael: ...
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