Reducing energy costs makes good financial sense for most building owners, and with Energize NY PACE Finance, not-for-profits can access the upfront, long-term capital they need to benefit from energy savings improvements and focus more of their budgets on their missions.
Energize NY PACE Finance is an exceptionally powerful tool that not-for-profits can use to overcome upfront cost barriers and access affordable long-term capital for energy and money saving improvements. (PACE stands for Property Assessed Clean Energy finance and is available in 33 states nationwide. Learn more on the PACEnation.us)
Energize NY Finance offers low interest rates and long terms, with no upfront capital required and is repaid through an annual charge on the property’s tax bill, which automatically transfers to a new owner in the event of a sale. In certain counties, like Westchester, not-for-profits may be eligible for even lower interest rates (as low as 3% on 20 year funds) for energy saving improvements through Energize NY’s access to Qualified Energy Conservation Bonds.
Unlike traditional capital, Energize NY financing is not based on the borrower’s credit, but rather on the value of the property and projected energy savings (through energy reductions or generation), making it more accessible for not-for-profits with limited balance sheets.
With constrained budgets, community-based not-for-profits often have deferred maintenance challenges and very large unmet capital investment needs that take precedence over energy savings projects. Below are some examples of how a variety of not-for-profits have tackled these issues using Energize NY Finance to fund energy efficiency improvements and renewable energy systems that have resulted in meaningful energy savings:
Savings and a New Roof for St. Christopher’s Church in Cortlandt, NY
This April, St. Christopher’s Church completed the installation of a new roof and a 36kW solar system, which will offset 100% of the electricity use for their 5 buildings and parking lot lighting. The total project, together with financing expenses, will cost less than what they were spending on electricity annually. The interest rate on the Energize NY financing was even more affordable through the use of Qualified Energy Conservation Bonds, which Westchester County has made available to Energize NY to finance clean energy projects for not-for-profits and affordable housing facilities. See details of the St. Christopher’s solar installation here.
A Ready Line of Capital for Energy Upgrades to A-HOME’s Affordable Housing Properties in Westchester County
A-HOME Housing has used Energize NY’s PACE Finance for energy upgrades like insulation and new high efficiency heating equipment for two of their properties in northern Westchester County and plans to use it for other properties in the future. A-HOME, a not-for-profit based in Pleasantville, NY, rehabilitates, builds and manages affordable rental properties for older adults, disabled individuals and single-parent families who cannot afford market rate housing. As result of the upgrades at the Robson House, A-HOME and its residents will reduce their energy bills by 31% annually, and the building is significantly more comfortable for residents. Like all projects financed by Energize NY, the A-HOME project was cash flow positive on day one, with the energy savings exceeding the cost of the improvements and the financing. See energy measures, project cost and savings calculations for the Robson House and Lengyel House.
Energy Efficiency Improvements and Infrastructure Upgrades for Wainwright House in Rye, NY
Wainwright House completed a year-long energy efficiency overhaul of its community house, including insulation, efficient LED lighting and new high-efficiency heating and cooling systems with 20-year, low cost financing by Energize NY, incentives from Con Edison and the help of Green Home Consulting. The project improved all three buildings on the property, cut energy consumption by an estimated $34,700 annually, reduced equipment maintenance costs and has increased comfort for all occupants.
Find a contractor who can do the work and help you get Energize NY Finance or fill out a quick and easy pre-application to find out how much you would qualify for here.