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.
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.
Open C-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
A PACE project requires the submission of an application by the property owner to EIC. Contact email@example.com for more information.
Here are some examples of the types of energy efficiency and renewable energy improvements that may qualify for Open C-PACE financing:
Boilers and controls
Chillers and controls
Insulation and air sealing
Solar Photovoltaic Systems
Solar Thermal Systems
Combined Heat & Power systems
Clean Energy Communities Requirements
Local governments must complete four of the High Impact Actions to earn Clean Energy Community designation from New York state. Eligible governments can demonstrate completion of the C-PACE Financing action by submitting a screenshot of EIC’s List of Participating Municipalities that shows the applying jurisdiction listed as a current EIC member having authorized Open C-PACE. Authorization requires adoption of a local law and signing a municipal agreement with EIC. Municipalities may also get credit through the CEC program if a project within their community has utilized C-PACE Financing for clean energy upgrades. See where projects have utilized C-PACE here.
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.
PACE Finance Website
This website provides information on the PACE Finance Program.
This slideshow provides information about the new Open C-PACE product.
This handbook provides a summary of all you need to know about Open C-PACE Financing.
To access support in CNY, please contact Chris Carrick at firstname.lastname@example.org, or 315-422-8276 x1213.