The Kilgore City Council adopted a Texas Property Assessed Clean Energy Program

The Kilgore City Council adopted a Texas Property Assessed Clean Energy Program (TX-PACE) at their meeting on April 23rd.  The City selected Texas PACE Authority (TPA), a 501(c)(3) nonprofit organization to administer their TX-PACE program.

TX-PACE financing enables property owners of commercial, institutional, industrial, nonprofit, and multifamily properties to access private capital to fund qualifying energy and water efficiency improvements and to install clean energy technology. Private capital provided through a TX-PACE program is secured by a local government assessment lien on the owner’s property. This assessment is similar to a sidewalk or sewer assessment, but distinguishable because it is voluntary. The assessment remains in place until the funding is paid back.

TX-PACE is a voluntary program that builds on a long history of using special assessments to serve multiple public purposes through reducing energy costs, conserving water resources, stimulating the economy, improving property valuation, improving air quality, and creating jobs. Businesses and nonprofits access competitive long-term private capital to lower operating costs and free up natural resources for Texas’ continued growth at no cost to taxpayers. 

"We are thrilled to expand our arsenal of economic development resources," said Lisa Denton, Executive Director for the Kilgore Economic Development Corporation (KEDC). "When a prominent primary employer expressed interest in leveraging this initiative for substantial investments in energy-efficient enhancements to their facility, we were eager to assist. We extend our gratitude to the City for their enthusiastic collaboration and swift adoption of the program."

Kilgore industrial, commercial, nonprofit and multifamily property owners are encouraged to reach out to TPA to learn more about TX-PACE and how it can benefit their existing facilities or new construction. TX-PACE is designed to help property owners access long term, fixed-rate capital that is less expensive than equity while investing in cash flow positive energy and water-saving improvements.

For more information on qualified PACE improvements, how the program works, and who is eligible, visit City of Kilgore PACE – Texas PACE Authority

 

About Texas PACE Authority (TPA)

Texas PACE Authority (TPA), the state’s only nonprofit PACE program administrator, was created in 2015 to exclusively provide uniform PACE program administration for Texas counties and cities. PACE is all we do! TPA is funded through grants and administrative user fees paid by Property Owners seeking TX-PACE financing for their energy and water conservation projects. TPA does not charge local governments to provide TX-PACE program administration.

TPA’s capable team of policy, legal, technical, sustainability, and operations experts have a combined 69 years of governmental service employment at the local, state, and federal levels. TPA administers uniform TX-PACE programs for 96 local governments, collaborating with stakeholders to access capital, facilitate economically sound and environmentally friendly property investment in Texas commercial, industrial and multifamily properties, create jobs, and support local businesses. TPA has facilitated over $487 million in PACE-financed energy and water saving projects across Texas and serves more than 73% of the state’s population. TPA has proven the concept of a high quality, transparent, mandate-free, private financing mechanism for energy and water efficiency and onsite generation investment in Texas. TPA offers unmatched PACE program support, including online service provider training, materials in English and Spanish, and works with all eligible lenders to serve all businesses and nonprofits throughout the state. To learn more, visit: www.texaspaceauthority.org or contact Admin@TexasPACEAuthority.org

About KEDC: Kilgore Economic Development Corporation’s mission is to enhance a business climate that is conducive to job creation and retention, improving the standard of living for Kilgore residents. The organization is funded by a dedicated sales tax approved by voters and directed by a five-person board. KEDC is managed by a staff of four with certifications in economic development and economic development finance. In the last five years the organization has closed deals representing more than $290 million in new and retained investment and nearly 2,500 jobs under contract.