FOR IMMEDIATE RELEASE APRIL 13, 2015
ENERGY IMPROVEMENT CORPORATION, YORKTOWN HEIGHTS, NY
Contact: Heather Flournoy, 914-302-7300, ext. 105
High resolution photos and videos are available.
Orange County Creamery Receives First of Groundbreaking Clean Energy Financing from Energize NY
Energy Improvement Corporation (EIC) today announced its completion of the first commercial Property Assessed Clean Energy (PACE) financing in New York State, a milestone for its Energize NY Finance program and its partners Orange County, the New York State Energy Research and Development Authority (“NYSERDA”), First Niagara Bank, N.A. and Bank of America Merrill Lynch. Energize NY Finance is New York’s new finance program for energy efficiency and renewable energy projects in existing buildings that are commercially owned.
Energize NY Finance offers low-cost, long-term financing for up to the full cost of energy improvements that reduce energy consumption or generate renewable energy. Unlike traditional financing, Energize NY’s PACE financing focuses on the project’s potential for energy savings and is repaid through an annual tax charge on the property (like water or sewer charges) over the term of the financing. If the property is sold, the energy savings and financing automatically transfers to the new owner.
Energize NY’s first PACE loan was used to fund a 53 kilowatt ground-mounted solar installation located in the fields of 5 Spoke Creamery Farm, a Mid-Hudson Valley artisanal cheese making facility in Goshen, NY known for its cave-aged raw milk cheeses. The solar panels, which were installed by Novel Approaches of Orange County, generated energy savings from day one and will replace 100 percent of 5 Spoke Creamery’s annual electricity costs.
Energy Improvement Corporation (EIC), www.EnergizeNY.org, is a New York State not-for- profit local development corporation that works with its member municipalities across NY State to reduce energy waste and create multiple renewable energy sources through community-based marketing and outreach and by providing affordable and accessible project financing. EIC drives demand for clean energy upgrades to existing buildings through its programs – Energize NY Finance, Energize NY Residential, Energize NY Commercial and Solarize Westchester.