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NYC PACE Financing Program

Commercial Property Assessed Clean Energy (PACE) is a financing tool that helps property owners access low-cost, long-term capital for energy efficiency upgrades, renewable energy systems, and other building improvements. Unlike many traditional financing options, PACE can provide funding for up to 100% of eligible project costs with no cash upfront, long repayment terms, and fixed interest rates.

In New York City, PACE can be used to finance eligible projects in commercial, multifamily, nonprofit, and all other qualifying property types. Eligible projects may include energy efficiency improvements, electrification measures, renewable energy systems, major renovations, and all-electric new construction projects. Recent updates to the NYC Program have introduced embodied carbon requirements that encourage the use of “Low Carbon” building materials, such as concrete and steel, and the “Adaptive Reuse” of existing buildings for conversion projects.

The NYC PACE Financing Program is an open market program, meaning there are pre-qualified PACE Lenders that provide PACE financing in New York City.  Repayments for a PACE Loan are collected by the City on a property’s tax bill, along with property taxes, then remitted to the PACE Lender.  Like property taxes, the only amounts due for a PACE Loan are those that are then due or outstanding. Unlike conventional financing (e.g. mortgages), even upon default, the full amount of a PACE Loan can never be accelerated.  If a property has a mortgage, the Program requires consent from the mortgage holder for the property owner to receive a PACE Loan.

NYCEEC is the City of New York’s designated Administrator of the NYC PACE Financing Program.  As Administrator, amongst other responsibilities, NYCEEC assists the City in Program design and oversight, PACE Lender qualification, assessing proposed PACE projects, and reviewing and approving submitted PACE projects to ensure they meet Program requirements. 

For general inquiries about the PACE Program, please email the Administrator at PACE@NYCEEC.COM.

NYCEEC is also one of the Qualified Lenders under the program. For information about NYCEEC’s PACE Loan Product, please visit our Product Page.

Benefits of PACE Financing

  • Covers 100% of Energy Upgrade Costs
  • Long-Term Fixed-Rate Financing
  • Transferable Upon Sale
  • Finance Ancillary Project Costs
  • Drive Savings and Property Value

PROGRAM INFORMATION

Does my building qualify?

PACE financing can be used for all building types in New York City, with the exception of 1-2 family residential homes.  Examples of eligible properties include, but are not limited to, commercial and multifamily buildings, as well as buildings owned by nonprofit organizations. New construction projects, as well as retrofits and Adaptive Reuse of existing buildings, are also eligible.

Interested in becoming a Qualified Lender?

Visit NYC Accelerator’s website to learn more about applying.