“We knew that we needed to upgrade our heating system, but we were not sure how we could afford to pay for it,” said Jeanine Baney, Drum Hill’s Finance Director. “With a senior population, it’s always a concern that the heating and cooling is optimally operational, and we couldn’t rely on our old furnace. PACE financing provided a practical and affordable solution, which enabled us to address a lot of our energy issues comprehensively, with no upfront costs and without having to tap our credit lines or reduce current amenities that our residents enjoy.”
• Former school built in 1909
• Renovated into affordable, independent senior living facility in 1999
• 122,018 sq ft
Energy Efficiency Measures
• Replaced boiler with two high efficiency condensing units
• Installed high efficiency chillers
• Added variable frequency drive pumping technology
• Upgraded to energy efficient LED lighting
Amount Financed: $429,000
Term: 20 years
Interest Rate: 3.14%*
Financing Cost: $29,000/yr
Electric Use Offset: 14%
Natural Gas Savings: 10%
*QECB enhanced interest rate
Drum Hill Senior Living, which provides affordable, independent living housing for seniors, completed the $429,000 energy upgrades, using twenty-year Energize NY PACE financing at a 3.14% interest rate. The interest rate was made even more affordable using Qualified Energy Conservation Bonds from Westchester County. Westchester County has made available $4 million in QECBs to Energize NY to fund clean energy upgrades to affordable housing facilities and buildings owned by not-for-profits. Drum Hill is the fourth project to receive QECB-enhanced PACE financing.
Collaborating with the energy efficiency team of strategic partners Atlantic Westchester and Bright Energy Services, Drum Hill replaced its boiler with two high-efficiency condensing style gas boilers, oversized chillers, and variable frequency drive technology and replaced the fluorescent and incandescent lighting with energy efficient LED bulbs, which were designed to meet the needs of the senior population at Drum Hill.
The upgrades qualified for a financial incentive from Con Edison. Atlantic Westchester and Bright Energy Services worked with Con Edison’s Commercial & Industrial Energy Efficiency team to calculate the energy savings from all the measures and procured approximately $72,600 in incentives to help supplement the cost of the upgrade. Con Edison’s programs serve residential, small business, multifamily, commercial and industrial customers within New York City and Westchester.