The City of Dallas has approved a Property Assessed Clean Energy (PACE) financing program. The Property Assessed Clean Energy Act (SB 385) was enacted by the State of Texas in 2013, and Dallas is one of the first cities in Texas to implement the program.
How It Works
PACE is an innovative financing program that allows owners of commercial, industrial, and multi-family residential properties (with five or more dwelling units) to obtain low-cost, long-term loans for water conservation, energy-efficiency improvements, and renewable retrofits. The PACE Act 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. In exchange for funds provided by a private lender to pay for the improvements, the property owner voluntarily requests that the local government place an assessment secured with a senior lien on the property until the assessment is paid in full.