Texas’ largest Property Assessed Clean Energy (PACE) project will cut energy use by about 40% and annual water use by almost 700,000 gallons.
The site of such savings is the abandoned Butler Brothers building in Dallas, an abandoned building erected in 1910 that now serves as nothing more than an eyesore. Seeing an opportunity, real estate developer Alterra International will turn the building into a mixed-use complex with apartments, hotel rooms and retail space.
To do so, Alterra is using $23.9 million in financing from Texas’ PACE program, which backs energy efficiency and renewable energy upgrades for homes and businesses. The funding will cover improvements to HVAC, lighting, insulation, roofing, glazing, exterior waterproofing and plaster, plumbing fixtures and irrigation systems. Texas is the only state that includes water in its PACE programs and could serve as a model for other water-strapped states.
According to blogs.edf.org, “An open-market approach, Texas’ PACE program is already shaping up to be a model for other states and communities around the country. Hopefully the Dallas project will show that, through the use of this innovative finance tool, century-old buildings across the state can have both history and efficiency.”
PACE is now an initiative in many states. This year, it became available in Illinois for commercial properties. SB1700 – HB2831 successfully passed committees and the Illinois governor signed it into law. According to dailyherald.com, “The introduction of PACE in Illinois will help spur more energy efficient projects within the commercial real estate market, improve property values and create jobs in the clean and renewable energy industries.”
And in nearby Michigan, PACE projects are beginning at record pace. In fact, nearly 10 energy management improvement projects in Michigan have taken advantage of PACE, with five to 10 more coming this year.