The New York State Energy Research and Development Authority (NYSERDA) has announced a new partnership that will expand clean-energy project financing to all of New York State for commercial, industrial and multifamily buildings.
The cash is to help them become more competitive and cost-effective by decreasing their energy costs.
Through the partnership, NYSERDA is providing approximately $1 million to the Energy Improvement Corporation (EIC) to jumpstart its Energize NY Finance program in the State over the next two years.
The program uses Commercial Property Assessed Clean Energy Finance (PACE) and property tax laws to provide long-term, market-rate financing for clean energy commercial and multifamily building improvements.
“New York State businesses now have access to another innovative financing option, as the State transforms markets and removes barriers to clean-energy project development,” said John B. Rhodes, President and CEO, NYSERDA.
“This program dovetails with other financing programs such as the NY Green Bank, and will make energy-saving projects more affordable for business owners and drive increased investment in clean energy.”
Energize NY financings provide up to 100 percent of the cost of a clean-energy upgrade and offer fixed rates and long-terms to qualified properties.