PACE | Homeowner Services

ENERGIZE NY OPEN C-PACE Program

Energize NY PACE (Property Assessed Clean Energy) is operated by Energy Improvement Corporation (EIC) and provides low cost, long-term alternative to traditional loans to fund clean energy projects in commercially owned buildings. PACE financing is not a bank loan and differs from traditional financing options because:

  • financing is available for up to 100% of the project cost, or can be combined with other financing
  • competitive private financing from EIC approved capital providers
  • customizable loan terms up to the expected life of the improvement
  • repayment is secured through an energy assessment lien that is subordinate to municipal taxes
  • financing automatically transfers to a new owner if the property is sold
  • Energize NY can finance projects that comply with NY State Article 5-L and NYSERDA's Commercial PACE Guidance Document

MUNICIPAL ACTIVITY RELATED TO ENERGIZE NY OPEN C-PACE
To enable Open C-PACE, municipalities pass a local law and sign an EIC municipal agreement. EIC bills the property owner and directs them to remit the funds to the capital provider, removing any collection obligation from the municipality. As the program administrator, EIC will review and approve each financing, ensuring it conforms with the New York State PACE statute and NYSERDA C-PACE guidelines.