Page 12 - NBIZ February 2021

AS A TOOL

FOR LOCAL

PACE BUSINESSES

By Sarah Silberman

hen Mayor Sylvester cost. Business leader Nick Craig, a HOUSTON’S INNOVATION,
Turner helped launch member of StoneCreek Real Estate ENERGY, AND PACE
Wthe Houston Property Partners, had this to say about the For more than one hundred years,
Assessed Clean Energy (PACE) program: “The PACE program funding Houston has been a city of change
program in 2015, he noted, “Between from CounterpointeSRE aligns well and innovation, the headquarters of
the long-term utility savings and with our goals for this development. international businesses and renowned
the energy and water conservation We are bringing a project to life that academics, and the energy capital of
benefits, it’s a win-win for our will raise the standard of living for the world. Houston would not be any of
community.” Six years have since Houston seniors while incorporating these things, though, if Houston busi-
passed, and Houston PACE has lived energy efficiency, and because of ness owners did not take advantage of
up to those expectations for the city, its that effort, we can use the program the tools offered to them. In 1901, oil
businesses, and its nonprofits. PACE is to enhance our capital position.” The was discovered near Beaumont, spark-
a financial tool that allows industrial, closing of StoneCreek’s project in early ing the beginning of the East Texas
non-profit, and commercial property December of 2020 marked the fourth oil industry. Forty-four years later the
owners the ability to obtain long-term PACE project completed in Houston Texas Medical Center was founded,
loans for sustainable improvements in 2020 and the eighth Houston PACE and it has since grown to be the world’s
to their buildings with a low up-front project in total. (See Chart 1) largest medical center. In the 1960s,

CHART 1
Graphic of the total number of Houston PACE projects; their financial, energy, and water savings; the amount of money
reinvested into the Houston community; and the number of jobs created. Graphic courtesy of Deborah Camp, graphic designer
for the Texas PACE Authority.

12 NBIZ ■ February 2021