State of NY Commercial PACE Financing Program

Program State of NY Commercial PACE Financing Program
Category Financial Incentive
Implementing sector State
Last Update
State New York
Website https://www.nyserda.ny.gov/all-programs/programs/commercial-property-assessed-c…
Start Date
Technologies Solar Water Heat, Solar Space Heat
Sectors Residential
What is a PACE loan?Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. New York State General Municipal Law Article 5-L (PACE Statute) authorizes municipalcorporations to create a sustainable energy loan program to provide financing to property ownersfor the installation of eligible Renewable Energy Systems or Energy Efficiency Improvements
PACE financing is available through the Energy Improvement Corporation’s Energize NY OPEN C-PACE program (EIC). Not all municipalities have elected to join this program though all are able to. To download the current list (8.02.20) of participating municipalities, click here.

Details:

While this is largely intended for commercial use, eligible properties include one multifamily building or a portfolio of similar or related residential buildings on the same site, adjacent or associated sites. Owner-occupied one- and two-family homes, or townhomes are excluded.

An Energy Audit is required in order to be eligible for the program. Loan can only be made for energy efficiency improvements determined to be appropriate through an energy audit. In the PACE Statute these are defined as “a formal evaluation of the energy consumption of a permanent building or structural improvement to real property…for the purpose of identifying appropriate energy efficiency improvements to be made to or incorporated into the construction of the property.”

For a list of eligible technology and improvements please refer to the following PDF

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