Unique energy-conservation financing program removes market barriers
ROUND ROCK, Texas – The Round Rock Chamber today announced that its board of directors supports Williamson County’s participation in the Property Assessed Clean Energy Act (PACE) program. The purpose of PACE is to remove market barriers to enable owners of commercial and industrial properties to obtain low-cost, long-term loans for energy efficiency and water conservation improvements.
“The chamber is pleased to support Williamson County’s participation in PACE based on the program’s innovative approach to encouraging energy efficiency,” explained Monica Maher, the chamber’s vice president of community enhancement. “The flexibility of PACE allows business owners to invest in water conservation and energy efficiency improvements while generating positive cash flow, which is a win-win scenario for the Round Rock community.”
Energy efficiency upgrades typically require substantial upfront costs for business owners. With the enactment of PACE, businesses in the county can participate voluntarily in the PACE financing program to help meet their energy conservation goals and achieve savings from day one.
Many other states throughout the country have enacted similar PACE laws and the benefits include affordable energy conservation, reduced utility costs, and water security which all contribute to long-term economic growth.
The PACE program was reviewed in detail by the chamber’s Business Climate Council where it acknowledged the voluntary nature of the program and the self-imposed assessment mechanism. Another important aspect of the program is the inclusive approval process involving the business owner, the mortgage holder, and the PACE authority. In addition, there is a benefit of the loan amount being recognized as an operating expense instead of on the balance sheet.
About the Round Rock Chamber
The Round Rock Chamber is one of the largest and most active business organizations in Central Texas. Its approximately 1,000 investors collectively employ more than 25,000 people in the area. It is also the region’s only accredited chamber by the U.S. Chamber of Commerce. For more information, visit www.roundrockchamber.org.
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