Energize NY PACE
Funding Your Clean Energy Project
Energize NY PACE (Property Assessed Clean Energy) provides low cost, long-term alternative to traditional loans to fund clean energy projects in commercially owned buildings. PACE (Property Assessed Clean Energy) financing is not a bank loan and differs from traditional financing options because:
- eligibility for financing is not based on traditional credit scores
- financing is available for up to 100% of the project cost, or can be combined with other financing
- customizable loan terms up to 20 years
- the financing is repaid through an annual charge on the property’s tax bill, like other municipal charges for sewer or water
- the financing automatically transfers to a new owner if the property is sold
- Energize NY will finance only those projects generate cash flow to the owner, which means that the estimated savings from the projects exceeds the financing cost
Applying for Energize NY PACE is easy, with an online application, fast approvals and customer service to help you through the process.
If you answer “Yes” to the following questions, then you qualify for Energize NY PACE. Click here to apply now.
- Is your property located in an Energize NY community?
- Is your property owned by a company (e.g., corporation, LLC, LP, or trust), or a not-for-profit?
- Is your property’s loan-to-value ratio less than or equal to 80%?
- Are you seeking financing in an amount less than or equal to 10% of the value of the property?
- Has the property owner been bankruptcy–free for the past 7 years?
- Have all property taxes been paid on time for the past 3 years?
Energize NY has partnered with Westchester County to make PACE financing for clean energy projects even more affordable for specific building types, namely affordable housing facilities and buildings owned by not-for-profits. Interest rates for these types of projects are on average 50% less than market rates on 20-year terms.