Property Assessed Clean Energy (PACE)
The City of Dallas has approved the 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 aiming to become one of the first cities in Texas to take advantage of the legislation.
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 (now Tex. Local Gov’t Code Chap. 399) 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.
The report for the City of Dallas PACE Program is available here.
The City has selected Texas PACE Authority as the Dallas PACE program third party administrator. Feel free to contact them or City staff with any questions.