Energize NY Finance is an energy financing program operated by the Energy Improvement Corporation (EIC) - a Local Development Corporation and New York State nonprofit formed to assist property owners in New York State achieve long term energy savings.
Energize NY enables property owners to finance clean energy improvements utilizing the Property Assessed Clean Energy (PACE) model. Property owners pay for up to 100% of the cost of energy efficiency upgrades or renewable energy installations for buildings through their property tax bill. Customers are still eligible to receive incentives from NYSERDA and other programs.
Long term financing of up to 20 years is available to ensure that the annual energy savings outweigh the annual cost of financing. In other words, customers immediately profit from their clean energy improvements. Since payment is made on the property tax bill, the Energize NY Finance cost is transferred to the next owner if the property is sold.
Examples of upgrades range from simple measures such as lighting improvements to more substantial projects involving heating & air conditioning systems, building insulation and facade improvements, and even the installation of commercial rooftop solar systems. Energize NY may also be used to finance solar leases and power purchase agreements (PPAs) in many instances.
For more information on the Energize NY Finance program you may also click here.
Find out about financing programs In New York that can help your business make energy improvements.