Innovative Financing Program Launches for New York State Energy Projects

Written by: Bobby Veit on Jan 21st 2014
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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 Property Assessed Clean Energy (PACE) financing to commercially owned buildings considering energy efficiency and renewable energy upgrades.

Greenburgh, NY. 1/14/2014 – Energize NY kicked off the first in a series of training events on Tuesday, January 14th, to inform Westchester stakeholders about a special financing option for energy efficiency and renewable energy projects in multifamily affordable and not-for-profit owned buildings. On a wider scale Energize NY Finance will make comprehensive energy retrofits and renewable energy improvements more economically feasible than ever before for properties across New York State.

Focused on the details of implementing Energize NY Finance, last week’s training attracted some of the top engineering firms and energy efficiency contractors operating in Westchester. A panel comprised of representatives from NYSERDA, Westchester County Department of Planning, Sustainable Real Estate Solutions, and EIC endorsed Energize NY Finance, encouraging attendees to provide the new financing option in their energy efficiency and renewable energy proposals to customers to help them save the most energy dollars.

“Energize NY Finance gives building owners the opportunity to make possible energy efficiency upgrades that were previously out of reach,” says Joe Del Sindaco, Treasurer of EIC. Loans are only approved if the energy savings from a proposed project will save more over time than the money invested in the project. “Property owners will be cash-flow positive from day one,” Del Sindaco says.

Additionally, even lower cost financing opportunities exist for affordable housing and not-for-profits in Westchester. At least $4 million in Qualified Energy Conservation Bond (QECB) capital is accessible to multifamily buildings with low-income tenants, or not-for-profit owned buildings. Future Energize NY Finance training events are planned for QECB-eligible property owners and the energy efficiency specialists who serve them.

To find out about upcoming training events, or learn more about Energize NY Finance, please contact the office at (914) 302-7300 or visit the website at Commercial.EnergizeNY.org.
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EIC is a local development corporation established to assist municipalities and property owners achieve long-term energy savings and/or generate renewable power for use on site. Energize NY Finance provides an alternative to traditional loans, by providing an innovative form of financing called Property Assessed Clean Energy (PACE) financing. For more information, please contact Energize NY at (914) 302-7300 or info@EnergizeNY.org, or visit Commercial.EnergizeNY.org.

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