Energize NY PACE Financing

Energize NY PACE Finance

Energize NY PACE, or Property Assessed Clean Energy (PACE) financing, is a program that helps commercial properties make energy efficiency and renewable energy upgrades to buildings. PACE financing is available through the Energy Improvement Corporation (EIC), a local development corporation and a New York State nonprofit established specifically to assist local government and property owners achieve long-term energy savings and/or generate renewable power for use on site.

EIC can help property owners identify incentive programs, find reliable and certified contractors and engineering firms, access low-cost, long-term financing and develop a plan for measurement and verification of energy savings after the upgrades are complete.

 

Open C-PACE

New as of 2019, Open C-PACE changes how the financing structure works from previous versions of PACE financing.  With Open C-PACE, a Lien is placed on the property by EIC with financing provided by an EIC-approved third party Capital Provider. Open C-PACE will no longer require the municipality to administer PACE financing or to provide a backstop in the case of delinquency. 

To enable Open C-PACE, municipalities with tax lien authority pass a local law and sign an EIC municipal agreement. EIC bills the property owner and directs them to remit the funds to the capital provider, removing any collection obligation from the municipality. As the program administrator, EIC will review and approve each financing, ensuring it conforms with the New York State PACE statute and NYSERDA C-PACE guidelines.

Open C-PACE provides commercial building owners and not-for-profits with an alternative source of affordable financing for up to 100% of the cost of energy efficiency and renewable energy (e.g., solar) projects of all sizes.

 

Energize NY PACE financing is not a bank loan and differs from traditional financing options because:

 

  • financing is available for up to 100% of the project cost, or can be combined with other financing

  • competitive private financing from EIC approved capital providers

  • customizable loan terms up to the expected life of the improvement

  • repayment is secured through an energy assessment lien that is subordinate to municipal taxes

  • financing automatically transfers to a new owner if the property is sold

  • Energize NY can finance projects that comply with NY State Article 5-L and NYSERDA's Commercial PACE Guidance Document

2016 Energize NY PACE Figures

A PACE project requires the submission of an application by the property owner to EIC. Contact info@energizeny.org for more information.

 

Here are some examples of the types of energy efficiency and renewable energy improvements that may qualify for Energize NY PACE financing:

  • Boilers and controls

  • Chillers and controls

  • Insulation and air sealing

  • Lighting

  • Solar Photovoltaic Systems

  • Solar Thermal Systems

  • Geothermal

  • Wind Turbines

  • Oil-to-Gas conversions

  • Pumps

  • Windows

  • Combined Heat & Power systems

Clean Energy Communities Requirements

Local governments must complete four of the 10 High Impact Actions to earn Clean Energy Community designation from New York state. Eligible governments can demonstrate completion of the Energize NY PACE financing action by submitting a copy of the official letter confirming EIC membership or a screenshot of EIC’s Participating Municipalities webpage that shows the applying jurisdiction listed as a current member.

 
Tools and Resources

Open C-PACE Local Law
Developed by the Energy Improvement Corporation (EIC), this legislation establishes a program that will allow the Energy Improvement Corporation to make funds available to qualified property owners for clean energy improvements.

Energy Improvement Corporation (EIC) Municipal Agreement 
Developed by EIC, this agreement sets forth the terms and conditions under which the Energize NY Finance program will operate.

Energize NY PACE Finance Website
This website provides information on the Energize NY PACE Finance Program.

Energize NY Open C-PACE presentation

This slideshow provides information about the new Open C-PACE product.

Energize NY Open C-PACE Handbook

This handbook provides a summary of all you need to know about Open C-PACE Financing. 

 
Assistance

To access support in CNY, please contact Chris Carrick at ccarrick@cnyrpdb.org, or 315-422-8276 x1213.

 

Central New York Regional Planning & Development Board

126 North Salina Street, Suite 200, Syracuse, NY 13202

315-422-8276      mail@cnyrpdb.org

 

 

© 2019 CNY Energy Challenge