The City of Plano's The Great Update Rebate program is designed to provide an incentive (rebate) to homeowners of older properties to update and maintain their homes. The program alleviates some of the financial burden of updating older homes from residents and incentivizes upgrades that have the potential to increase energy and water efficiency. The program is not an energy conservation program; however, energy-efficient home improvements may qualify.
- Input from professionals in the construction, real estate, and inspection industries
- Maximum property value, minimum property age and specific interior and exterior improvements/repairs were identified
- Both owner-owned and investment properties qualify for the program
Motivation for Implementing Program
With very little land available for new construction, City Council decided it was best to help current homeowners maintain their older properties and thus have thriving and renewing neighborhoods.
- City-funded - $1.5 million allocated for rebates
- Currently $1.1 million encumbered in rebates
- Plano homeowners have invested $6.9 million into homes
Short and Long-Term Benefits
- Program is quick and easy - rebates are paid within weeks of project completion
- Homeowner pride in their property, in their neighborhood, and their city
- Rebates used to continue repairs/upgrades/maintenance to their homes
Homeowners are happy with the quick process. Homeowners are using the rebate to continue to update their homes.
- Approximately 260 homeowners in the alst two years
- Recently a large increase in applications