People who own large buildings in Galveston County now have access to a low-cost loan program allowing them to make eco-friendly improvements to their properties.
County commissioners on Monday established a property assessed clean energy, or PACE, program. The program is a financial tool in used in Texas and other states that’s meant to help property owners upgrade facilities.
In such programs, owners are given access to private, long-term loans to pay for water conservation, energy efficiency and resiliency projects on their properties.
The novelty of the program is that property owners have to pay little in the way of up-front costs to make the improvements, said Dane Carlson, the county’s director of economic development.
“PACE allows projects access to a new pool of affordable, long-term financing not available through traditional funding avenues,” Carlson said.