Solar & Battery Regulation & Incentive Programs

Energize NY Finance

Program Overview


Category:
Financial Incentive
Program Type:
PACE Financing
Implementing Sector:
Non-Profit
State:
New York
Eligible Storage Technologies:
Other EE
Website:
http://commercial.energizeny.org/
Terms:
Loan term length from 5 up to 15 years, with fixed rate interest rate between 5% to 7% (depending on the term)
Administrator:
Energize New York
Applicable Sectors:
Commercial, Industrial, Nonprofit, Schools, Retail Supplier, Institutional
Start Date:
01/26/2015
Last Updated:
11/03/2015
Funding Source
US Department of Energy Better Buildings Program and NYSERDA

Summary

Energize NY Finance is a program offered by the Energy Improvement Corporation* (EIC) that provides financing to commercial properties for deep energy upgrades and renewable energy projects. The program is financed with Property Assessed Clean Energy (PACE) structure to provide low interest rates, long repayment terms, transferability of the loans, and other benefits.  The program allows the property owners to borrow money from EIC which is repaid via a special assessment in the real estate tax bill. The loans are issued based on property value instead of credit history. If the property is sold, then the repayment option is legally transferred with the property.

Eligibility

Financing is available for a wide variety of buildings, including commercially owned buildings, multi-family buildings, industrial space, schools, non-profits, and others. Funding is not available for new construction of buildings.  

To participate in the program, the projects should be located within a municipality that is a member of the Energy Improvement Corporation (EIC). List of all the participating municipalities in the program can be accessed here.  The property that is being financed should be current on property tax payments, and must not have any involuntary liens or defaults.

Financing

Interested participate can file for pre-application online or contact the address provided below to determine their eligibility. After being approved, the program along with NYSERDA will assist with energy study of the building, help find contractors, and provide best options for financing.

The amount of financing is limited to 10% of the appraised value of the property, or the cost of energy improvements, which-ever is lower. Typically the values range from $5,000 to $2,500,000. The loan can be issued with term lengths from 5 to 15 years with interest rate ranging from 5% to 7% depending on the term length.

*EIC is a local development non-profit corporation established to assist municipalities and property owners to achieve long-term energy savings. New York municipalities can join EIC by passing a local law, signing a Municipal Agreement codifying the tax charge transfer, and requesting membership.  List of participating municipalities is listed in the website above.