Montgomery County business owners now have access to long-term financing for energy- and water-saving building upgrades through a newly launched loan program aimed at promoting sustainability and economic growth.
Officials in Montgomery County have unveiled a new financing initiative aimed at assisting commercial property owners in implementing energy and water-efficient upgrades, all while ensuring no financial risk to the county.
The Commercial Property Assessed Clean Energy (C-PACE) Program enables local business owners to secure long-term, low-interest loans aimed at funding enhancements like high-efficiency HVAC systems, advanced lighting solutions, and water conservation technologies.
The program, which received approval from county commissioners in March, is currently under the management of Lone Star PACE. This third-party administrator collaborates with local governments and property owners throughout Texas.
Lee McCormick, president and founder of Lone Star PACE, stated that the loan amount is linked to the assessed value of the property and is repaid via a special assessment included in the property’s tax bill.
“According to McCormick, they offer a low-risk loan with an extended term and a comparatively low interest rate.” “The primary objective is to synchronize the savings from utility bills with the expenses associated with financing.”
McCormick highlighted that developers frequently eliminate high-efficiency equipment to lower initial expenses, and C-PACE serves as a financial solution to ensure that these sustainable technologies remain within budget.
Montgomery County will not bear any financial responsibility in the event of a property owner's default, as the management of loan repayments is solely handled by Lone Star PACE.
According to McCormick, three local initiatives—a bioscience company, a retail developer, and a multi-family housing project—have officially enrolled in the program.
“Montgomery County, recognized as one of the fastest-growing counties in Texas, is poised to gain substantially from enhanced investment in sustainable, energy-efficient infrastructure,” stated McCormick. Officials announced that the program aims to bolster economic growth, generate job opportunities, and promote resource conservation across the region.
County Judge Mark Keough expressed his support for the initiative.
Montgomery County officials emphasize their dedication to implementing smart growth strategies aimed at bolstering the local economy, all while safeguarding the unique natural resources that define the region, according to Keough. “The introduction of a C-PACE program provides local business owners with a significant financing resource aimed at enhancing energy efficiency, fostering job creation, and promoting long-term economic stability.”
Details regarding C-PACE and the application process for businesses can be found through Lone Star PACE.
