AMARILLO, TX (KFDA) - Amarillo businesses looking to upgrade or renovate their utilities in a way that's both environmentally and economically friendly now have a new option for financing.
The Texas PACE Authority (Texas Commercial Property Assessed Clean Energy) is new to Amarillo can help commercial property owners save money through long term financing for energy related renovation projects.
One of those property owners is Robert Goodrich, who has owned the Herring Hotel in Downtown Amarillo for 28 years.
He wants too renovate the building, but it's a costly process, and said using PACE funding would make things easier for him financially.
"The resources presented in the PACE program are something wonderful for the building owner who wants to be as modern and economically efficient as possible," said Goodrich.
"The idea with PACE is if you finance one of these projects over a long period of time it's going to reduce your utility bills, your energy or water bills are going to go down," said Jonathon Blackburn. "And that reduction in your utility bill is actually what you'll use to pay for the financing."
For people who own larger commercial property that have tenants, like in a business park or apartment complex, use of the PACE program would make overall rent decrease for occupants.
Other businesses that qualify include farms, non-profits like churches or hospitals, and industrial facilities.
Blackburn said this program will create jobs in the Amarillo community by using local contractors, and could attract more interested investors to the area.
"This is a tool for businesses to use when they're looking at expanding and bringing jobs here, maybe possibly relocating here," said Blackburn.
And older buildings downtown, like Goodrich's hotel, could have a chance at a new life.
"I'm even more confident now with the PACE program availability we'll be able to get things done we might not have been able to do otherwise," said Goodrich.
To learn more about the PACE program and if your business or property is eligible, click here.