Is the RFQ for new partners only?
No, the RFQ is available to any project developer who wishes to provide project development and/or financial underwriting services. Responders may choose from three different project pathways, and two finance capital options as outlined in the RFQ.
Can project developers still use EIC’s PACE financing facility if they do not respond to the RFQ?
Yes, EIC will continue to provide support to contractors and developers who wish to offer PACE financing in NY State.
How will municipalities take on new responsibilities outlined in NYSERDA’s proposed commercial PACE guidelines?
EIC will be submitting the reports referenced in the Guidelines on behalf of its Member Municipalities. Given that EIC operates the NY PACE program statewide, municipal members will not have any additional obligations because of the proposed guidelines.
What about construction phase financing?
Currently EIC does not offer construction financing. Responders that provide their own construction financing will have an advantage in the RFQ process.
Is the tax charge (lien) placed on the property during construction?
EIC is researching adding the charge prior to project completion but responders should assume the charge is placed on the tax bill after the project is completed.
How does a Power Purchase Agreement (PPA) fit into the requirement that the project be permanently affixed to the property?
PACE financed projects require that the improvements to the building remain permanently affixed to the property. PPA or lease contracts may uphold this stipulation by requiring full transferability to new parties. Requiring a higher level of pre-payment for the power and/or other services offered through the PPA/lease contract could help to lower the risk of non-payment by the property owner.
What is the difference between member municipalities and those that have passed legislation?
First municipalities must pass a local law. Membership requires the approval and signature of the County Executive.
If approved, should project developers expect leads from EIC?
Possibly. EIC is interested in collaboration and will consider providing leads to project developers responding to the RFQ.