Greenworks Lending provides C-PACE funding for Texas retail center energy upgrades
Written By: Stratton Report
January 30, 2017
On January 30, Greenworks Lending announced that RDM Pros, a family-owned small retail property in Bryan, Texas, is the first small commercial business to utilize PACE in Texas.
Per Greenworks, the financing was made via the Texas PACE Authority’s C-PACE program, with RDM Pros financing the installation of a 20.8-kW solar system, the replacement of broken HVAC units, the replacement of a failing roof, and upgraded high-efficient LED lighting for a total project financing of $129,355. Greenworks Lending worked with RDM Pros and its contractor, Onital Energy, to finance the project.
According to the C-PACE financing provider, previously PACE has been used in Texas to upgrade two non-profit institutions and a large investment grade shopping center.
James Haislet of RDM Pros noted: “We are excited to be the first PACE project in our community. 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.”
“We are excited to be the first PACE project in our community. 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.”
Greenworks Lending Project Lead Steve Brown observed:“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 “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.”
Charlene Heydinger, president, Texas PACE Authority remarked: “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. We are especially excited that this first Brazos County project demonstrates the great benefits of the C-PACE program to small business.”