PACE is 100% financing for energy and water efficiency improvements to industrial, commercial and non-profit buildings. PACE financing consists of long-term (typically 10-20 year), low-cost loans for improvements like lighting retrofit projects. Waypoint Lighting is a certified PACE contractor and can help you access favorable financing terms through the Texas PACE Authority.
The Texas PACE Authority issued new program guidelines in January 2018. One of the main changes is the treatment of complete redevelopment projects. Now, tearing down an existing structure and rebuilding on the site, or constructing a new building on an already developed site, is eligible for PACE. You'll be able to find their first case study of this use here as soon as it's available. In the meantime, the Program Guidelines below address how these projects should be approached.
How it works
Allows owners to take on a deeper, more intensive retrofit with greater energy savings and a longer payback period even if they only plan to hold the property for a few years
PACE loans are paid through and secured by a property assessment voluntarily imposed on the property by its owner
Owners repay the costs of the upgrades through the energy savings that are generated from the improvements
PACE assessments are attached to and follow the title of the property
Additionally, PACE loans are not subject to acceleration upon non-payment
The PACE Act authorizes PACE funding for the installation of Qualified Improvements. Qualified Improvements must:
Be permanently fixed to the real property
Have a demonstrated capacity to decrease energy consumption or demand
Have a useful life that exceeds the term of the PACE financing agreement