ABOUT ENERGIZE NY OPEN C-PACE
Energize NY member municipalities offer PACE financing to commercial and non-profit building owners to help pay for improved energy efficiency and renewable energy systems, supporting more sustainable and economically vibrant communities. PACE is public benefit financing, authorized through state and local law, with repayment secured through a special assessment lien on the benefitted property.
Improving the Building Stock
Did you know that building owners in New York State lose $10.5 billion a year in energy wasted through outdated equipment and poor insulation? The older age of these buildings also add high maintenance costs. Efforts to improve local building stock is often hampered by the substantial upfront cost needed to pay for an upgrade. By joining Energize NY, municipalities can offer Open C-PACE to provide capital that is used to finance energy efficiency upgrades including HVAC systems, building envelope improvements, LED lighting, smart controls, and more. Open C-PACE can also finance renewable energy systems to generate power on-site or for remote off-takers. The results are lower energy costs, greater comfort, and high-performing buildings.
Stimulating Economic Development
An improved building stock means that companies are spending less money on energy and repairs and investing more in business development. High-performing buildings with lower costs are increasingly attractive to corporations scouting for locations and can be an important factor in attracting talent. Economic Development initiatives can use PACE to encourage developers to incorporate clean energy as part of community revitalization initiatives.
Advancing Clean Energy Goals
Improving the energy efficiency of buildings and scaling up the use of renewable energy reduces our communities’ greenhouse gas emissions. It also reduces air pollution and improves indoor air quality, creating healthier communities.