First Texas Business of its Kind to Utilize Commercial PACE Financing for Efficiency and Lower Operating Costs
Greenworks Lending announced a milestone in the growth of the Texas PACE Authority’s C-PACE program, as the first business in Brazos County and the first of its kind to utilize commercial PACE in Texas, closed on financing for a project that will make significant upgrades to lower the building operating costs with no up-front costs.RDM Pros, a family-owned small retail property in Bryan, Texas is exemplary of the type of commercial business driving growth of the commercial PACE industry nationally. It is the first small commercial business to utilize PACE in Texas and signals an inflection point in the Texas PACE program as these types properties make up 99% of the commercial buildings in Texas. Prior to RDM Pros, PACE has been used in Texas to upgrade two non-profit institutions and a large investment grade shopping center.
RDM Pros is financing the installation of a 20.8 kilowatt solar system, the replacement of broken HVAC units, the replacement of a failing roof, and upgraded high-efficient LED lighting. These combined improvements, led by Onital Energy, are designed to allow RDM Pros to capture $233,383 in savings over the life of the equipment, with the total project amount of $129,355 being financed by Greenworks Lending. “This is a great example of how PACE in Texas can benefit small businesses in Brazos County,” said Brazos County Commissioner, Irma Carley. “I believe this is the first of many to come.” “We are excited to be the first PACE project in our community,” said James Haislet of RDM Pros. “We could not have done it without the help from Onital and Greenworks Lending. With their help, our 30-year-old building will not only get a face lift but will also become energy efficient. We look forward to sharing our experience with all of Brazos County and beyond.”
“Onital is honored to be partnering with Greenworks Lending, on designing and implementing the first PACE Project in Brazos Valley,” said Onital CEO and President, Marty Lopez. Greenworks Lending worked with RDM Pros and Onital Energy to finance the project utilizing C-PACE financing, which is cash flow positive, and is administered through the Texas PACE Authority. This is the first C-PACE project that Greenworks Lending has funded in Texas. “This is precisely the kind of project that helps a community, and beyond that a state, see who commercial PACE is designed for and how it can serve as a catalyst for mid to small commercial properties to make the shift to better energy solutions,” said Greenworks Lending Project Lead Steve Brown. “Eighty-seven percent of commercial buildings say they lack access to sufficient capital for the best energy solutions. These owners are typically limited to using scarce operating dollars to patch up old equipment or replace it piecemeal. Commercial PACE is designed to solve the financial equation that allows them to join much larger properties in having access to best in class energy options.”
“Brazos County is a center of innovation and Texan common sense. The commercial PACE program adopted by the Commissioners Court is a perfect example of local economic development that benefits the entire community,” said Charlene Heydinger, president, Texas PACE Authority. “We are especially excited that this first Brazos County project demonstrates the great benefits of the C-PACE program to small business.”