BRYAN, TX—A number of commercial buildings lack access to capital to fund building improvements. The PACE program allows these commercial properties to implement much needed improvements, with 100% upfront financing repaid out of energy and water bill savings during the full lifetime of upgrades, GlobeSt.com learns.
A recent milestone has been reached in the Texas PACE Authority's C-PACE program. RDM Pros is the first business in Brazos County and the first of its kind to utilize commercial PACE in Texas to close on financing for a project that will make significant upgrades to lower a building's operating costs with no upfront costs.
“Brazos County is a center of innovation and Texan common sense. The commercial PACE program adopted by the commissioners court is a perfect example of local economic development that benefits the entire community,” said Charlene Heydinger, president, Texas PACE Authority. “We are especially excited that this first Brazos County project demonstrates the great benefits of the C-PACE program to small business.”
Greenworks Lending worked with RDM Pros and Onital Energy to finance the project utilizing C-PACE financing, which is cash flow positive, and is administered through the Texas PACE Authority.
“We are excited to be the first PACE project in our community,” said James Haislet of RDM Pros. “Our 30-year-old building will not only get a facelift but will also become energy efficient.”
Family-owned RDM Pros is using the financing for the installation of a 20.8 kilowatt solar system, the replacement of broken HVAC units, the replacement of a failing roof and upgraded high-efficient LED lighting. These combined improvements led by Onital Energy are designed to allow RDM Pros to capture $233,383 in savings during the life of the equipment, with the total project amount of $129,355 being financed by Greenworks Lending.
“This is a great example of how PACE in Texas can benefit small businesses in Brazos County,” said Brazos county commissioner, Irma Cauley. “I believe this is the first of many to come.”
Prior to RDM Pros, PACE financing has been used in Texas to upgrade two nonprofit institutions and a large investment grade shopping center. Larger investment-grade commercial office and retail buildings are frequently targeted as large consumers of energy, however they represent a very limited part of the commercial property landscape, GlobeSt.com learns.
“This is precisely the kind of project that helps a community, and beyond that a state, see who commercial PACE is designed for and how it can serve as a catalyst for mid- to small commercial properties to make the shift to better energy solutions,” said Greenworks Lending project lead Steve Brown. “87% of commercial buildings say they lack access to sufficient capital for the best energy solutions. These owners are typically limited to using scarce operating dollars to patch up old equipment or replace it piecemeal. Commercial PACE is designed to solve the financial equation that allows them to join much larger properties in having access to best-in-class energy options.”
As previously reported, the growth of state-level property assessed clean energy programs has been a bipartisan phenomenon during the past couple of years.
BRYAN, TX—A number of commercial buildings lack access to capital to fund building improvements. The PACE program allows these commercial properties to implement much needed improvements, with 100% upfront financing repaid out of energy and water bill savings during the full lifetime of upgrades, GlobeSt.com learns.
A recent milestone has been reached in the Texas PACE Authority's C-PACE program. RDM Pros is the first business in Brazos County and the first of its kind to utilize commercial PACE in Texas to close on financing for a project that will make significant upgrades to lower a building's operating costs with no upfront costs.
“Brazos County is a center of innovation and Texan common sense. The commercial PACE program adopted by the commissioners court is a perfect example of local economic development that benefits the entire community,” said Charlene Heydinger, president, Texas PACE Authority. “We are especially excited that this first Brazos County project demonstrates the great benefits of the C-PACE program to small business.”
Greenworks Lending worked with RDM Pros and Onital Energy to finance the project utilizing C-PACE financing, which is cash flow positive, and is administered through the Texas PACE Authority.
“We are excited to be the first PACE project in our community,” said James Haislet of RDM Pros. “Our 30-year-old building will not only get a facelift but will also become energy efficient.”
Family-owned RDM Pros is using the financing for the installation of a 20.8 kilowatt solar system, the replacement of broken HVAC units, the replacement of a failing roof and upgraded high-efficient LED lighting. These combined improvements led by Onital Energy are designed to allow RDM Pros to capture $233,383 in savings during the life of the equipment, with the total project amount of $129,355 being financed by Greenworks Lending.
“This is a great example of how PACE in Texas can benefit small businesses in Brazos County,” said Brazos county commissioner, Irma Cauley. “I believe this is the first of many to come.”
Prior to RDM Pros, PACE financing has been used in Texas to upgrade two nonprofit institutions and a large investment grade shopping center. Larger investment-grade commercial office and retail buildings are frequently targeted as large consumers of energy, however they represent a very limited part of the commercial property landscape, GlobeSt.com learns.
“This is precisely the kind of project that helps a community, and beyond that a state, see who commercial PACE is designed for and how it can serve as a catalyst for mid- to small commercial properties to make the shift to better energy solutions,” said Greenworks Lending project lead Steve Brown. “87% of commercial buildings say they lack access to sufficient capital for the best energy solutions. These owners are typically limited to using scarce operating dollars to patch up old equipment or replace it piecemeal. Commercial PACE is designed to solve the financial equation that allows them to join much larger properties in having access to best-in-class energy options.”
As previously reported, the growth of state-level property assessed clean energy programs has been a bipartisan phenomenon during the past couple of years.
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