The financing was used to pay for energy efficiency upgrades to an inter-generational home, known as Robson House, in North Salem, NY owned and operated by A-HOME, a not-for-profit based in Pleasantville, NY that rehabilitates, builds and manages affordable rental properties in northern Westchester for older adults, disabled individuals and single-parent families who cannot afford market rate housing.
As result of the upgrades, A-HOME and its residents will reduce their energy bills by 31% annually, and the home will be 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.
The energy improvements to A-HOME were made by Healthy Home Energy & Consulting, a nationally certified, full-service home energy audit and energy efficiency improvement company. The project was completed under the New York State Energy Research and Development Authority’s (NYSERDA) Home Performance with ENERGY STAR® (HPwES) program. This program includes an energy assessment and a 10 percent cash-back incentive to building owners for air sealing, and attic and exterior wall insulation.
|Total interest rate**:||2.94%|
*NYSERDA Home Performance with ENERGY STAR
**QECB enhanced interest rate
|Energy savings:||31% (112 MMbtu/yr)|
|Cash flow to owner:||
“We especially appreciate the efforts of County Executive Astorino and the Westchester County Legislature in making QECBs available to further reduce the cost of financing energy efficiency and renewable energy projects for multi-family affordable housing buildings and not-for-profits.” ~Mark Thielking, Executive Director, Energize NY
The A-HOME project was even more cost-effective through the use of the $4 million Qualified Energy Conservation Bonds (QECBs) pool made available by Westchester County for energy upgrades to multi-family buildings with low-income tenants and buildings owned by not-for-profits.
Westchester buildings that meet affordable housing guidelines or are owned by a not for profit corporation may qualify for reduced cost financing under Energize NY Finance: The Westchester Project.
Westchester County has teamed up with Energize NY to provide low cost financing that helps lower energy costs for properties that need it most: multifamily affordable housing and not-for-profit owned buildings. The county is utilizing its federally allocated Qualified Energy Conservation Bond (QECB) authority and aligning with Energize NY’s goal to promote energy efficiency and renewable energy projects. This partnership presents an opportunity for property owners in Westchester County to significantly lower their energy costs and reduce energy waste in their buildings.
July 21, 2015. North Salem Patch. Clean Energy Financing through Energize NY Improves North Salem Property