“Shades of Green” Environmental Talk Radio on KOOP 91.7 FM (PACE Legislation Update)

Join John Hoffner, Stacy Guidry, & Reed Sternberg for this week's "Shades of Green", Austin's only live, green talk radio program, on KOOP 91.7 FM and streaming at www.koop.org!

This week, we'll discuss the  PACE law approved by the Texas Legislature in 2013. PACE 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. The PACE statute, SB 385, authorizes municipalities and counties in Texas to work with private sector lenders and property owners to finance qualified improvements using contractual assessments voluntarily imposed on the property by the owner. The term of a PACE loan may extend up to 20 years, resulting in utility cost savings that exceed the amount of the assessment payment. As a result, improvements financed through PACE generate positive cash flow upon completion with no out-of-pocket cost to the property owner. If the property is sold before the full amount of the PACE loan is repaid, the repayment obligation automatically transfers to the next owner because the lien securing the PACE assessment follows title to the property.

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