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(Photo/Alex Kielar) Texas PACE Authority President Charlen Heydinger speaks to the Stephens County Commissioners Court during a public hearing regarding the implementation of a PACE program Monday morning, Nov. 10.
Following a public hearing, Stephens County Commissioners Court approved the establishment of a Property Assessed Clean Energy (PACE) program for the county, opening up long-term financing opportunities for energy and water efficiency upgrades.
The court unanimously approved the resolution for establishing the PACE program Monday, Nov. 10 after hearing from Texas PACE Authority President Charlen Heydinger and Breckenridge Economic Development Corporation CEO Michael Paris.
Authorized by the Texas Legislature in 2013, the PACE program allows cities and counties to create voluntary financing mechanisms that allow commercial, multi-family and industrial property owners to fund upgrades to HVAC systems, lighting, roofing and plumbing–all without using taxpayer dollars or assuming financial risk.
“We see this as increasing the probability of local businesses taking advantage in order to develop their infrastructure–their cooling needs or heating needs. Any efficiency within their manufacturing process,” Paris said. “It’s also going to help us in attracting businesses here. So if we can articulate a way which a business that’s coming here or a business that’s currently here can take advantage of discounts on the interest rates for banks. And also reconsideration of terms…I think it’s going to help the business community be successful here in Breckenridge.”
As part of establishing the PACE program, the commissioners also approved a professional services agreement with Texas PACE Authority to administer the program in Stephens County.
“Stephens County–and all counties don’t have the expectations to operate these programs and the amazing thing about PACE is that we can contract them to administer the program,” County Judge Michael Roach said. “That really leaves us hands off for the most part.”
Heydinger signed the contract to officially begin the process of administering the program and get it off the ground. The Texas Pace Authority president had explained the inner workings of the program and its potential impact at a previous commissioners court meeting on Monday, Oct. 27.
“What you would be doing if you create your PACE program is you create a mechanism that eliminates the risk for lenders,” Heydinger explained last month. “So lenders will loan over a longer period of time, and if you stretch our financing long enough, the savings will exceed the cost.”
