Project featured as example of Governor Cuomo's Reforming the Energy Vision (REV) strategy in action
Energize NY Finance provides an alternative to traditional equity or unsecured loans. The Program uses an innovative form of financing called Property Assessed Clean Energy (PACE) financing. Under the PACE financing model, a Property Owner opts to pay for energy improvements by authorizing the municipality where the Property is located to add a special tax charge to the Property (a “Financing Charge”) for that purpose.
The Energy Improvement Corporation (EIC) offers Energize NY Finance to eligible Property Owners in order to provide attractive financing for property improvements that lower energy consumption. EIC is a local development corporation and a New York State nonprofit established specifically to assist municipalities and Property Owners achieve long-term energy savings and/or generate renewable power for use on site.
Originally created in California in 2008, PACE financing programs have been authorized by 31 U.S. states, including New York, to achieve statewide energy efficiency and renewable energy goals.
The Energize NY Finance Program offers financing for several different kinds of commercially-owned properties, including three categories of building types: (1) non-residential commercial, industrial, institutional, and not-for-profit non-residential facilities; (2) small multifamily (1 to 4 unit) buildings; and (3) large multifamily (5+ unit) buildings. Energy efficiency measures as well as renewable energy projects can qualify for PACE finance.
See the FAQs as well as the downloadable Handbook and Overview documents under Resources. The steps to securing financing are essentially the same for each category of property. However, the energy assessment tools and work scopes for each category will rely on different New York State Energy Efficiency and Renewable Energy Programs for measurement and verification.
If you have an affordable housing or a non-profit owned building in Westchester County, click here for information on the Energize NY Westchester Project for Affordable Housing and Nonprofits
Presentation on Energize NY Financing for commercial energy efficiency and renewable energy improvements in New York State. Presented at the "Transitioning to a Green Energy Economy" conference, November 20, 2013, Newburgh, NY. Video recording after last slide.