Solar roof company building Georgetown facility with $3.24 million incentive package
Georgetown has attracted a new solar roof business with the help of a $3.24 million incentive package that includesproperty tax abatements and job credits.
GAF Energy, a Standard Industries company, has begun building a 450,000-square-foot facility on the southeast corner of Interstate 35 and Southeast Inner Loop, according to a city news release. Construction is expected to be finished next June.
The company plans to hire 265 employees in high-tech jobs over the next 10 years, the city said. It said the total capital investment for the project is estimated to be over $100 million in that time.
The net 10-year economic impact to Georgetown is estimated to be $3.75 million, cityofficials said.
The city is providing a $2.35 million property tax abatement for 10 years to the company. The abatement will be 75% for business personal property and 50% for real property.In addition, the Georgetown Economic Development Corp. is offering a five-year job creation grant with a total value of $395,000, according to the city.
The Georgetown Municipal Electric Utility also is offering an incentive to the solar company. GAF Energy will be able to offset its electricity usage for five years with renewable energy credits valued at $500,000.
Georgetown spokesman Keith Hutchinson said the city is providing incentives even though it already is attracting businesses as one of the fastest-growing cities in the nation because the solar roof company will provide jobs and tax revenue.
"The GAF Energy manufacturing facility will provide good jobs in advanced manufacturing, which is one of the target industries identified in the city’s economic development strategic plan," Hutchinson saidTuesday. "The GAF Energy facility also will generate tax revenue to fund city services and infrastructure for our current and future residents."
The U.S. CensusBureaulisted Georgetown as the fastest-growing city in thecountry by percentage among those with populations of at least 50,000 from July 2020 to July 2021.
More:Georgetown leads nation in percentage growth, 'city has small town Americana feel'
“Georgetown has a long track record as a clean energy leader, so it is the perfect home for us to build the future of solar," GAF Energy President Martin DeBono said in a statement.
The Georgetown facility will be the company’s second U.S. manufacturing center for its solar roof, called Timberline SolarTM, the city news release said. It said the roof features "the world’s first nailable solar shingle."
"Timberline Solar is made up of shingles, not panels or heavy tiles," according tothe company's website. It said the shingles shed water and are warrantied to withstand winds up to 130 mph.
More:Tech supplier CelLink plans $130 million Georgetown facility, could hire 2,000
“The response from both consumers and roofers to our Timberline Solar roof has been tremendous, and we’re thrilled to be expanding capacity to meet that growing demand,” DeBono said.
The company's first manufacturing facility is in San Jose, Calif.
“We are pleased GAF Energy selected Georgetown as their destination for their facility,” Mayor Josh Schroeder said. “Their innovative product is one that will change the market as we know it, and we are excited that it will be developed here in our backyard.”
This article originally appeared on Austin American-Statesman: Georgetown gets new solar roof company with $3.24 million in incentives
