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PACE in NY: Innovative Financing Program Launches for New York State Energy Projects

The Energy Improvement Corporation (EIC), a New York State public benefit corporation now offers low-cost, long-term financing to commercially owned buildings undergoing energy efficiency and renewable energy upgrades.

Greenburgh, NY (PRWEB) January 23, 2014

Energize NY kicked off the first in a series of training events on Tuesday, January 14th, to inform Westchester stakeholders about a brand new financing option for energy efficiency and renewable energy projects in commercially owned buildings. Using the Property Assessed Clean Energy (PACE) loan structure, “Energize NY Finance” will make comprehensive energy retrofits and renewable energy improvements more economically feasible than ever before, for properties across New York State.

Energize NY’s training event attracted top engineering firms and energy efficiency contractors that do business in Westchester. A panel comprised of representatives from the New York State Energy Research and Development Authority (NYSERDA), Westchester County Dept. of Planning, Sustainable Real Estate Solutions, and EIC endorsed Energize NY Finance, encouraging service providers to offer the new financing option to their clients, to help them save the most energy dollars.

“Energize NY’s PACE financing product creates an exciting new opportunity for NYSERDA’s Multifamily Performance Program and the services offered to customers through our Multifamily Performance Partners,” said John B. Rhodes, President and CEO, NYSERDA. “The product is a new tool that Multifamily Performance Partners can use to help owners of multifamily buildings overcome barriers to financing so they can implement projects that save energy and reduce operating costs. It will help New York State stimulate the growth of the clean energy economy, which Governor Cuomo has cited as a priority.” Read more.

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