Energize NY Finance

Last updated: August 28, 2018

Program Overview

Implementing Sector:Non-Profit
Category:Financial Incentive
State:New York
Incentive Type:PACE Financing
Web Site:http://commercial.energizeny.org/
Administrator:Energize New York
Funding Source:US Department of Energy Better Buildings Program and NYSERDA
Start Date:01/26/2015
Eligible Efficiency Technologies:Other EE

Summary

Energize NY Finance is a program offered by the Energy Improvement Corporation* (EIC) that provides financing to commercial properties for deep energy upgrades and renewable energy projects. The program is financed with Property Assessed Clean Energy (PACE) structure to provide low interest rates, long repayment terms, transferability of the loans, and other benefits.  The program allows the property owners to borrow money from EIC which is repaid via a special assessment in the real estate tax bill. The loans are issued based on property value instead of credit history. If the property is sold, then the repayment option is legally transferred with the property.

Eligibility

Financing is available for a wide variety of buildings, including commercially owned buildings, multi-family buildings, industrial space, schools, non-profits, and others. Funding is not available for new construction of buildings.  

To participate in the program, the projects should be located within a municipality that is a member of the Energy Improvement Corporation (EIC). List of all the participating municipalities in the program can be accessed here.  The property that is being financed should be current on property tax payments, and must not have any involuntary liens or defaults.

Financing

Interested participate can file for pre-application online or contact the address provided below to determine their eligibility. After being approved, the program along with NYSERDA will assist with energy study of the building, help find contractors, and provide best options for financing.

The amount of financing is limited to 10% of the appraised value of the property, or the cost of energy improvements, which-ever is lower. Typically the values range from $5,000 to $2,500,000. The loan can be issued with term lengths from 5 to 15 years with interest rate ranging from 5% to 7% depending on the term length.

*EIC is a local development non-profit corporation established to assist municipalities and property owners to achieve long-term energy savings. New York municipalities can join EIC by passing a local law, signing a Municipal Agreement codifying the tax charge transfer, and requesting membership.  List of participating municipalities is listed in the website above. 

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