The City of Houston's PACE Program is Operational
PACE - PROPERTY ASSESSED CLEAN ENERGY is an innovative financing program that enables owners of commercial and industrial properties to obtain low-cost, long-term loans for water conservation, energy-efficiency improvements, and renewable retrofits.
PACE refers to a financing program that enables property owners to obtain long-term non-recourse fixed-rate financing for up to 100% of the cost of energy improvements to their properties. A PACE loan is repaid through a voluntary annual property tax assessment. The Owner uses the cash flow generated by the conservation measures to repay the loan. Because a PACE loan is attached to the property, the loan remains with the property along with the conservation improvements that it financed. The annual assessments cannot be accelerated even in default because the repayments are treated like an annual tax assessment which cannot be accelerated.
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