NYSERDA Spends $1M to Jumpstart C-PACE
The New York State Energy Research and Development Authority (NYSERDA) is providing about $1 million to the Energy Improvement Corporation (EIC) to jumpstart its Energize NY Finance program over the next two years.
The Energize NY Finance program uses Commercial Property Assessed Clean Energy (PACE) finance and property tax laws to provide long-term financing for commercial and multifamily energy improvements.
NYSERDA says the program dovetails with other NY financing programs such as the NY Green Bank.
Energize NY financings provide up 100 percent of the cost of a clean energy upgrade and offer fixed rates and long-terms to qualified properties. Financings are repaid over time through the improved property’s local property tax bill. Since financing is secured by a property tax lien on the property, capital can be raised from the private sector with no government subsidy.
Energize NY Finance is available statewide. Currently, Orange County and 12 towns and cities in Westchester County have passed the required local law with 20 more counties and cities in Western New York, Central New York, Capital Region, Long Island and Mid-Hudson working toward passage.
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