City of Houston and Hays County Property Assessed Clean Energy (PACE) Programs Close First Projects
Simon Properties Projects in Houston, Hays County Exceed
$4 million in PACE Investment
HAYS COUNTY / HOUSTON -- The City of Houston and Hays County announced the closing of their first commercial Property Assessed Clean Energy (PACE) projects at the Houston Premium Outlets and San Marcos Premium Outlets. Combined, the Simon Properties projects will receive over $4 million in energy and water saving retrofit investments financed by Petros PACE Finance.
"Houston is the energy capital of the world and has a responsibility to lead by example and use our energy resources as efficiently as possible," said Houston Mayor Sylvester Turner. "We created the Houston PACE program to help Houston businesses access low-cost financing and lower their utility bills. We're thrilled our first PACE project is at the Houston Premium Outlets and we hope more businesses will follow their lead."
"Hays County created a PACE program to help our businesses lower their operating costs with energy and water saving updates that benefit all of our citizens," comments Hays County Judge, Bert Cobb. "It's great to see the San Marcos Premium Outlets, one of Texas' top tourist destinations, be the first of many Hays County PACE projects."
PACE is an innovative financing program that enables owners of commercial and industrial properties to obtain low-cost, long-term loans for water conservation, energy-efficiency improvements, and distributed generation retrofits.
PACE financing will fund energy and water efficiency improvements at both outlet malls. Examples of efficiency improvements include: interior and exterior LED lighting, HVAC replacement, smart glass, heat reducing awning technology, replacement of hundreds of faucets, and conservation updates to water features and irrigation technology.
Combined, Anticipated Savings Benefits at Houston Premium Outlets and San Marcos Premium Outlets:
- Annual electricity use will be reduced by 2,546,000 kWh
- Annual water savings of over 11,500,000 gallons of water per year
- Carbon dioxide emissions (CO2e) reduction of over 1,845 tonnes per year
- Sulfur oxide emissions (SOX) reductions just under one tonne each year
- Nitrogen oxide emissions (NOX) reductions exceeding 3 tonnes annually