Broome County Introduces Renewable Energy Loan Program
BROOME COUNTY, N.Y. - Officials say a new energy efficient loan program in Broome County could help local businesses save energy and also create more jobs.
On Wednesday, details of the County's new Property Assessed Clean Energy (PACE) finance program were announced. The program will allow the county to work with the energy efficiency program Energize NY to provide long-term, low-cost PACE funding to local businesses and non-profits. The funding would be for sustainable energy projects such as solar panel installations.
County officials said the fixed rate and fixed period loan would cover up to 100 percent of project costs using private dollars -- and would be repaid through annual assessment of the businesses' County tax bill.
Officials said it's a win from both an environmental and economic standpoint.
"It creates direct jobs as a result of the projects being done. It creates indirect jobs that support those jobs. And then every time a project like this is undertaken, the property owner saves money because it reduces their energy bill," said Joe Del Sindaco, a PACE Finance Advisor.
The proposal was passed unanimously at a Broome County Legislature meeting last week. It will be finalized after a hearing open to the public at 5:30 p.m. on November 3rd, held by Broome County Executive Debbie Preston at the County Office Building.
Officials say the program has already been adopted in other parts of the state.
More information on the PACE financing program, can be found on the Energize NY website.