PACE for Not-for Profits and Affordable Housing
Westchester County has teamed up with Energize NY to provide reduced cost PACE financing that helps lower energy bills for properties that need it most – affordable housing facilities and not-for-profits. Buildings that meet affordable housing guidelines or are owned by a not-for-profit corporation may qualify for Energize NY PACE financing at a nearly 50% discount.
Westchester County has made available $4 million in Qualified Energy Conservation Bonds (QECBs) to Energize NY to fund energy efficiency and renewable energy improvements to affordable housing facilities and buildings owned by not-for-profits.
Using QECBs, Energize NY can provide funding at 50% lower interest rates on 20 year terms that can be used to undertake many energy and associated infrastructure improvements, including electric to gas or oil to gas conversions, air sealing and insulation, high efficiency upgrades to heating, cooling and mechanical systems and renewable energy systems, like solar. These upgrades lower the energy burden for tenants and property owners and help reduce building maintenance and operating costs.
QECBs were created by federal legislation in 2007 as bonding authority that was given to states, who in turn allocated QECBs to cities and counties based on population. QECBs may be used to fund specific qualified energy efficiency and renewable energy projects.
Savings and a New Roof for St. Christopher’s Church in Cortlandt, NY
St. Christopher’s Church used 20-year PACE financing to fund a new roof and a 36kW solar system, which is expected to offset 100% of the electricity used for the church’s five buildings and parking lot lighting. 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 has used Energize NY’s PACE to fund for energy upgrades, such as insulation and new high efficiency heating equipment, for two of their affordable rental properties in northern Westchester. As result of the upgrades to Robson House, A-HOME and its residents will reduce their energy bills by 31% annually, and the building is significantly more comfortable. Learn more about Robson House and Lengyel House.
New High Efficiency Boilers and Lighting Make Life More Comfortable and Affordable at Drum Hill Senior Living in Peekskill, NY
Drum Hill financed 100% of its $429,000 energy upgrades using 20-year PACE financing at a 3.14% interest rate. The project is expected to save Drum Hill 10% of its gas bill and 14% of its electric bill and will eliminate maintenance costs associated with the antiquated furnace that it replaced. Learn more about the Drum Hill project.