Property Assessed Clean Energy (PACE)
What Is TX-PACE?
The City of Eagle Pass, Texas, Property Assessed Clean Energy (TX-PACE) program is an innovative financing program that incentivizes owners of commercial (including nonprofit, retail, healthcare, and hospitality), industrial (including manufacturing and agricultural), and multifamily residential properties (with five or more dwelling units) to obtain low-cost, long-term financing for water conservation, energy-efficiency, renewable, and resilience retrofits.
TX-PACE programs enable owners to lower their operating costs and use the savings to pay for eligible projects. Owners gain access to private, affordable, long-term (typically 10-20 years) financing that is not available through traditional funding avenues. TX-PACE allows property owners to see an immediate increase to net operating income because investing in efficiency is a business-savvy proposition. The energy and/or water savings are structured to exceed the cost of the assessment, resulting in projects that are cash flow positive.
How TX-PACE Works
The PACE Act was enacted by the State of Texas in 2013, and The City of Eagle Pass adopted the program on August 4, 2020. View the required PACE Program report, as per Local Government Section 399.009, here.
The PACE Act authorizes municipalities and counties in Texas to work with private sector lenders and property owners to finance qualified improvements using contractual assessments (similar to a sidewalk or sewer assessment) voluntarily imposed on the property by the owner. In exchange for funds provided by a private lender to pay for the improvements, the property owner voluntarily requests that the local government place an assessment secured with a senior lien on the property until the assessment is paid in full. As the assessment is tied to the property, the repayment obligation transfers to the next owner if the property is sold.
The City of Eagle Pass has selected Texas PACE Authority as the third-party administrator of this program.
To learn more about The City of Eagle Pass’ PACE program or submit an application, please visit the Texas PACE Authority website https://www.texaspaceauthority.org/eagle-pass-pace/. Here you will find frequently asked questions, case studies, educational materials, a financing comparison calculator, and upcoming training sessions and TX-PACE events.
Contact Texas PACE Authority via email: email@example.com or phone: 1-855-738-PACE (7223).
Steps To TX-Pace