The Palm Center property of Houston Business Development, Inc. (HBDi), a 160,000 sq. ft. mixed-use business complex in Southeast Houston, serves as a catalyst for stimulating economic growth and revitalizing communities. HBDi’s Business Technology Center (BTC) and Small Business Loan services provide local businesses with the resources and financial services needed for successful growth. At Palm Center, small businesses have access to affordable office space, administrative support, training workshops, and conference rooms, along with many other services to foster growth.
Through the Texas C-PACE program, Greenworks provided $1.2M in financing for solar, roofing, lighting, HVAC, and plumbing upgrades across the property. This project marked the first CollectivePACE project in Texas which allows nonprofits to unlock the attractive tax benefits associated with solar installations. Over the life of the C-PACE loan, the project will pay for itself with a projected Savings-to-Investment Ratio (SIR) of 1.41.
CollectivePACE™ is a collaboration between CollectiveSun™, the nation’s only company dedicated exclusively to helping nonprofits and tax-exempt organizations fund solar projects, and Greenworks Lending, the nation’s leading C-PACE capital provider. CollectivePACE™ combines the financing models of solar leasing and state-legislated C-PACE programs to unlock the potential of solar power by capturing tax credits and providing financing terms that allow for positive cash flow from day one.
“Southeast Houston is transforming. As such, the time is ripe for the Palm Center – BTC to also undergo a much needed makeover. Most of the mechanical, electric and plumbing fixtures there have well surpassed its useful life. The money lost each year from inefficient equipment and repairs has substantially cut into our operating budget. Our tenants want a more comfortable workplace and we want to cut costs while keeping pace with the renewal of our region. The improvements being made through C-PACE financing will help us to cut our energy costs, reduce our carbon footprint and lower the amount of money spent on deferred maintenance each year.”
– Marlon D. Mitchell, President and CEO of HBDi