The New York State Energy Research and
\nDevelopment Authority (NYSERDA) announced
\na new partnership that will expand innovative
\nclean energy project financing to all of New York
\nstate for commercial, industrial and multifamily
\nbuildings to help them become more competitive
\nand cost effective by decreasing their energy
\ncosts.<\/p>\n
Through the partnership, NYSERDA is providing
\napproximately $1 million to the Energy
\nImprovement Corporation (EIC) to jump start
\nits Energize NY Finance program in the state
\nover the next two years.<\/p>\n
The Energize NY Finance program uses
\nCommercial Property Assessed Clean Energy
\nFinance (PACE) and property tax laws to provide
\nlong-term, market-rate financing for clean
\nenergy commercial and multifamily building
\nimprovements. Combining this innovative financing
\nmechanism with community outreach helps
\nto overcome the two most significant barriers
\nto expansion of clean energy projects – lack of
\nmarket knowledge and lack of financing capital.<\/p>\n
“New York state businesses now have access
\nto another innovative financing option, as the
\nState transforms markets and removes barriers
\nto clean-energy project development,” said John
\nB. Rhodes, president and CEO of NYSERDA.<\/p>\n
“This program dovetails with other financing
\nprograms such as the NY Green Bank, and will
\nmake energy-saving projects more affordable for
\nbusiness owners and drive increased investment
\nin clean energy.”<\/p>\n
Energize NY financing will provide up to 100
\npercent of the cost of a clean energy upgrade
\nand offer fixed rates and long-terms to qualified
\nproperties. Financing is repaid over time through
\nthe improved property’s local property tax bill.<\/p>\n
Similar to a sidewalk improvement or fa\u00e7ade improvement district, capital provided under the
\nEnergize NY financing is secured by a property
\ntax lien on the property, so capital can be raised
\nfrom the private sector with no government
\nsubsidy.<\/p>\n
Energize NY Finance is available statewide.
\nCurrently, Orange County and 12 towns and cities
\nin Westchester County have passed the required
\nlocal law with 20 more counties and cities in
\nWestern New York, Central New York, Capital
\nRegion, Long Island and Mid-Hudson working
\ntowards passage.<\/p>\n
Funding will be used over the next two years to
\npromote the program, build a pipeline of projects
\nand spur participation by other municipalities
\nand counties. After that, EIC is expected to use
\nfuture revenue generated from Energize NY
\nFinance to support its programs.<\/p>\n
EIC is a not-for-profit local development
\ncorporation that works in partnership with municipalities
\nand other stakeholders to transform
\nthe market for comprehensive clean energy
\nupgrades.<\/p>\n
EIC is partnered with Bank of America Merrill
\nLynch and First Niagara to provide capital and
\nthe NY Green Bank has issued a letter of credit
\nto support EIC’s bonding activities.<\/p>\n
Officials said that with this initiative, New
\nYork’s role as a leader and first mover in shaping
\nthe future of energy remains firmly in place.
\nBy developing innovative market solutions,
\nthe state is delivering on Gov. Andrew Cuomo’s
\ncommitment to transform the energy industry
\ninto a more resilient, clean, cost-effective and
\ndynamic system.<\/p>\n
Municipalities interested in becoming an
\nEIC member or property owners interested in
\nparticipating, please call 914-302-7300. Find out
\nmore at Commercial.EnergizeNY.org.<\/p>\n","protected":false},"excerpt":{"rendered":"
The New York State Energy Research and Development Authority (NYSERDA) announced a new partnership that will expand innovative clean energy project financing to all of New York state for commercial, industrial and multifamily buildings to help them become more…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[57,102],"class_list":["post-15638","post","type-post","status-publish","format-standard","hentry","category-home-energy","tag-business-news","tag-ny-state"],"yoast_head":"\r\n