If there is one hallmark of the power sector at the beginning of 2018, it’s uncertainty. In recent years, the utility industry was already being disrupted with increased Customer demand for distributed resources and the push for cleaner electricity. As a result, centralized fossil fuel-based grids across the country are being updated to Smart Grids that can accommodate variable renewables and customer-sited resources.
Those trends toward a Smart and decarbonized Grid are still very much in play at the beginning of 2017. Lower prices for wind and solar energy have seen those resources reach grid parity across much of the nation, and utilities continue to add flexible natural gas generation along with new technologies like energy storage to integrate the intermittent resources coming online. And in spite of the attempts of the new Administration to revive antiquated Fossil Fuel energy generation, the U.S. power sector is already in the middle of wholesale transformation. As a leading-edge Utility, Con Edison in playing a key role in this transformation through its rebates and financial incentives, subsidized professional consultants and vetted CleanTech and Smart Building product and service providers.
Energize NY provides PACE financing to commercial and not-for-profit owned properties in member communities across New York State, including many in the New York City Metro area. PACE – Property Assessed Clean Energy – offers non-credit based, long term amortization financing of deep energy retrofits, including efficiency measures and on-site power generation. This long-term amortization up to 20 years drives positive cash flows for property owners. Energize NY PACE financing is tied to the property as a tax charge, rather than the property owner and its credit, and allows for full transferability upon sale or even in the unlikely event of a foreclosure. As a public benefit Local Development Corporation owned by member municipalities, we issue bonds that finance these clean energy projects. Energize NY PACE pairs with Con Edison, PSEG-LI, National Grid and other New York State public utilities, as well as NYSERDA, to ensure that the financing is based on reliable industry standard energy savings projections.