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Leveraging PACE for Big Water Savings in the ICI Sector

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Presentation by Marina Badoian-Kriticos, Regional Program Advisor at Texas PACE Authority, at the 2018 Gulf Coast Water Conservation Symposium in Houston, Texas.

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Leveraging PACE for Big Water Savings in the ICI Sector

  1. 1. 2018 Gulf Coast Water Conservation Symposium| March 22, 2018 LEVERAGING TX-PACE FOR BIG WATER SAVINGS IN THE ICI SECTOR
  2. 2. 2 Texas PACE answers the question, How are we going to pay for it? TX-PACE is transforming how developers, owners, and contractors look at projects, proving that there is a clear path forward for energy efficiency, distributed generation, water reduction, and resiliency projects in existing buildings.
  3. 3. WHAT IS TX-PACE? TEXAS PROPERTY ASSESSED CLEAN ENERGY A simple way of paying for capital projects with no money out of pocket.  What: 100% long term, low cost financing Energy efficiency, water conservation, and distributed generation/ resiliency projects  Where: On commercial (non-profit, hospitality, healthcare); industrial ( + manufacturing, agricultural); and multi-family (5+units) properties  How: Repaid via special property assessment over the useful life of the improvements
  4. 4. WHAT TX-PACE DOES Creates local jobs • Improves resource conservation • Saves money
  5. 5. WHAT TX-PACE DOES LOWER Utility Costs INCREASE Net Operating Income Bottom Line: increases building value AND increases community value
  6. 6. TX-PACE BENEFITS • Property Owners: decrease utility bills, increase property value, align landlord and tenant interests • Contractors: increase local hiring, remove customer financial barriers, accelerate project timelines • Capital Providers: new loans, fully collateralized, improved asset value, stable process • Local Communities: job growth, economic development, improved building infrastructure /stock • State: reduce peak demand, improve grid loading, enhanced water conservation
  7. 7. HOW TX-PACE WORKS
  8. 8. ELIGIBLE IMPROVEMENTS Projects that reduce energy or water usage or generate energy onsite. Many of these measures can also make the property more resilient Image source: http://pacenation.us/what-is-pace/ …and more!
  9. 9. REPAYMENT LONG SIMPLE PAYBACK? NO PROBLEM! I N C R E A S E D N O I
  10. 10. ($1,200,000) ($1,000,000) ($800,000) ($600,000) ($400,000) ($200,000) $0 $200,000 $400,000 0 1 2 3 4 5 6 7 8 9 10 Cumulative Cash Flow Self-Funded Option Conventional Loan Option PACE Loan Option • Increase property value with no capital investment by building owner • Generate positive cash flows immediately FINANCIAL IMPACT OF TX-PACE Example: $1.1M Efficiency Upgrade Savings $125K/yr
  11. 11. TX-PACE ACROSS THE STATE • + 40% of state population covered • Over $30 million of investment • More than 255 jobs created • 17 regions COUNTIES: Brazos County Cameron County El Paso County Fort Bend County Hays County Hidalgo County Jefferson County Navarro County Nueces County Tarrant County Travis County Willacy County Williamson County CITIES: City of Amarillo City of Dallas City of Farmers Branch City of Houston
  12. 12. TX-PACE PROJECT DIVERSITY • Urban and suburban • Commercial office, mixed-use, manufacturing, non-profit, house of worship, hospitality, retail • Energy efficiency, water conservation, distributed generation and demand reduction/resiliency projects • Project sizes: $130,000 to $24,000,000 • All received 100% financing
  13. 13. M e a s u r e s :  H V A C  L i g h t i n g  I n s u l a t i o n  R o o f i n g  G l a z i n g  P l u m b i n g  I r r i g a t i o n  E x t e r i o r W a t e r p r o o f i n g / P l a s t e r A s s e s s m e n t To t a l : $ 2 4 M i l l i o n A n n u a l S a v i n g s : 40% energy reduction 700,000 gallons of water; 3,500 metric tons CO2e Butler Brothers Building Dallas
  14. 14. Example: $24M Multifamily Redevelopment CAPITAL STACK APPROACH: DEVELOPER
  15. 15. M e a s u r e s :  H V A C  L i g h t i n g  W a t e r A s s e s s m e n t To t a l : $ 3 M i l l i o n A n n u a l S a v i n g s : 2 4 M i l l i o n G a l l o n s Simon Property Group Travis and Williamson Counties R O U N D R O C K O U T L E T S R O U N D R O C K
  16. 16. UNIFORM STANDARDS = UNIFORM DATA http://pace.harcresearch.org/
  17. 17. 17 RESOURCES  Program Guide and Technical Standards – https://www.texaspaceauthority.org/Documents/Program%20Guide.pdf?dl=0  TX-PACE for the Business Community – https://www.texaspaceauthority.org/wp-content/uploads/Private-Sector- 092617.pdf  TX-PACE for Disaster Recovery – https://www.texaspaceauthority.org/wp-content/uploads/Texas-PACE- Program-Provides-Businesses-another-Tool-for-Disaster-Recovery_final.pdf  TX-PACE Energy and Emissions Tracker – http://pace.harcresearch.org  Events and Training – https://www.texaspaceauthority.org/event-directory/
  18. 18. Marina Badoian-Kriticos Program Advisor Marina@TexasPACEAuthority.org TexasPACEAuthority.org POWERED BY: T E X A S ’ O P E N - M A R K E T PA C E P R O G R A M A D M I N I S T R AT O R
  19. 19. 19 TX-PACE for Recovery As many owners search for financial solutions to fix properties damaged by Hurricane Harvey, Texas PACE Authority is working with local governments to help communicate TX-PACE as an effective recovery tool. TX-PACE is transforming how developers, owners and contractors look at projects, proving that there is a clear path forward to disaster recovery, energy efficiency, distributed generation, water use reduction and resiliency improvements. Learn more about TX-PACE for Recovery

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