Municipalities
About EIC NY OPEN C-PACE
Energy Improvement Corporation's 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 financing is a public benefit, authorized through state and local law, with repayment secured through a special assessment lien on the benefited property.
Improving the Building Stock
Building owners in New York State lose billions of dollars a year in energy wasted through outdated equipment and poor insulation in addition to incurring high maintenance costs. Efforts to upgrade buildings are often hampered by substantial upfront cost. By enabling Open C-PACE municipalities provide access to 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. 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 Open C-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.