PACE financing in Texas featured in Texas Tribune, New York Times

Property Assessed Clean Energy financing in Texas was front page news in the Texas Tribune and New York Times today, highlighting its effectiveness as a mechanism to boost energy efficiency.

"The approach, known as Property Assessed Clean Energy, or PACE, addresses the biggest barrier to efficiency investments: initial costs that can take years to recoup. A law allowing cities and counties to set up programs passed this year with overwhelming support in the Legislature.

PACE allows the owners of commercial and industrial property to use a property tax lien to finance energy efficiency upgrades like solar panels and water recycling systems. PACE programs bill an owner through the lien and forward payments to a private lender. Under a smooth-running program, property owners pay less than what they save on their energy bills. If a property is sold, the new owner would inherit the debt — a rule meant to further reduce the risks of investment."

For more information about PACE in Texas, visit http://www.keepingpaceintexas.org/

Source: Texas Tribune, New York Times