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Innovative Financing Program Launches for New York State Energy Projects

The Energy Improvement Corporation (EIC), a New York State public benefit corporation now offers low-cost, long-term financing to commercially owned buildings undergoing energy efficiency and renewable energy upgrades.IMAG3381

Energize NY kicked off the first in a series of training events on Tuesday, January 14th, to inform Westchester stakeholders about a brand new financing option for energy efficiency and renewable energy projects in commercially owned buildings. Using the Property Assessed Clean Energy (PACE) loan structure, “Energize NY Finance” will make comprehensive energy retrofits and renewable energy improvements more economically feasible than ever before, for properties across New York State.

Energize NY’s training event attracted top engineering firms and energy efficiency contractors that do business in Westchester. A panel comprised of representatives from the NYSERDA, Westchester County Dept. of Planning, Sustainable Real Estate Solutions, and EIC endorsed Energize NY Finance, encouraging service providers to offer the new financing option to their clients, to help them save the most energy dollars.

“Energize NY’s PACE financing product creates an exciting new opportunity for NYSERDA’s Multifamily Performance Program and the services offered to customers through our Multifamily Performance Partners,” said John B. Rhodes, President and CEO, NYSERDA. “The product is a new tool that Multifamily Performance Partners can use to help owners of multifamily buildings overcome barriers to financing so they can implement projects that save energy and reduce operating costs. It will help New York State stimulate the growth of the clean energy economy, which Governor Cuomo has cited as a priority.”

Energize NY also offers even lower cost financing opportunities for affordable housing and not-for-profits, exclusively in Westchester. At least $4 million in Qualified Energy Conservation Bond (QECB) capital is accessible to multifamily buildings with low-income tenants, and not-for-profit owned buildings. “Loans are only approved if the energy savings from a proposed project will save more over time than the money invested in the project,” says Joe Del Sindaco, Treasurer of EIC, “Property owners will be cash-flow positive from day one.”

“We are excited to celebrate the launch of Energize NY PACE program. The program will create local private sector jobs and reduce greenhouse gas emissions by making innovative PACE financing available to building owners in the state,” says David Gabrielson, PACE Now’s Executive Director.

Energize NY Finance training events will be held for the next several months, to inform property owners and the energy efficiency specialists who serve them. To find out about upcoming trainings, or learn more about Energize NY, please contact the office at (914) 302-7300 or visit Energize NY.

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EIC is a local development corporation established to assist municipalities and property owners achieve long-term energy savings and/or generate renewable power for use on site. Energize NY Finance provides an alternative to traditional loans, by providing an innovative form of financing called Property Assessed Clean Energy (PACE) financing. For more information, please contact Energize NY at (914) 302-7300 or , or visit Commercial.EnergizeNY.org.

 

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