Friday June 14th Governor Rick Perry signed the Bill SB 385 more commonly referred to as the PACE bill. The Property Assessed Clean Energy Act authorizes local governments to develop and execute plans that allows property owners to obtain low cost financing on modern energy efficient upgrades and water conservation structures to properties that are already functioning. After property owners choose a lender they can receive loans for as much as 100% of improvement costs, loan payments will be made annually after government assessments. PACE had been spreading through the country since its pilot program in 2008. According to pacenow.org over 28 states have implemented legislation (if not previously in place) that allow governments and local building owners to participate in the Pace Program.
A huge part of the PACE success can be sited towards the amount of local jobs the program creates.
The Bill went into effect on the day it was signed.