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Texas Gov. Rick Perry Approves PACE Program for Low-Cost Financing of Water, Energy Conservation Projects

Texas Gov. Rick Perry has signed legislation allowing local property taxing authorities to enact ordinances enabling Property Assessed Clean Energy (PACE) programs across the state. PACE financing will allow commercial and industrial building owners to obtain low-cost, long-term private sector financing for water conservation and energy-efficiency improvements. With Gov. Perry’s signature, the PACE program is effective immediately.

“Municipalities and counties can now move forward to establish PACE programs in their communities, working with commercial lenders and property owners to enhance the value of existing structures and save substantial amounts in water and energy costs,” says Charlene Heydinger, Executive Director of Keeping PACE in Texas, a non-profit association formed by the law firm of Thompson & Knight to promote PACE-related legislation. “This is a voluntary, market-based economic development program that does not create a burden on government resources while offering a proven way to conserve valuable resources for future generations.” Read full story.