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As we emerge from an incredibly challenging 2020 and look forward to brighter days ahead in 2021 and beyond, we wanted to take a moment to highlight some of the successes NYCEEC has achieved over the last year.
We Keep Growing: To date we have mobilized $237 million of capital towards building energy efficiency and clean energy projects – a $69 million increase from the end of 2019. We have financed a wide range of measures throughout New York City and the rest of our lending territory (CT, DC, DE, MA, MD, NJ, NY, PA, RI).
We Keep Serving: We have “greened” almost 11,000 affordable housing units and continue to pursue the goals of our current strategic plan that increases our focus on disadvantaged communities. At the former Greenpoint Hospital site in Brooklyn, for example, we financed $6.9 million in pre-construction costs for a $213 million zero net energy project to build 310 new affordable housing units and redevelop a 200-bed homeless shelter to a high-performance standard. Both buildings will offer improved resilience, increased tenant comfort, and lowered operating costs.
We Keep Innovating: In 2021, we will be launching a financing program to electrify domestic hot water in up to 50 affordable housing properties in New York. If successful, we will look to expand the initiative regionally and develop a complementary electrification education campaign for housing finance agencies.
We Keep Building: In 2021, enabled by the passage of New York City’s Climate Mobilization Act, we plan to launch NYC’s Commercial Property Assessed Clean Energy (C-PACE) program as its administrator. We expect it to become the largest C-PACE market in the US. Additionally, we expect to close financings of community solar installations, solar plus storage projects, high-performance buildings, and energy efficiency throughout our lending territory.
We Keep Collaborating: As the first local green bank in the US, and one of 15 state and local green banks, we continue to share best practices and support shared objectives. We have active advisory engagements in several jurisdictions to support the launch and/or growth of green banks in each region. Also, in cooperation with C40, we have created a municipal green bank best practices toolkit for any city seeking guidance in developing its own local green bank.
We’re excited about our growth and the strides we’ve made in service, innovation, building and collaboration. That said, we know we have to do more to make a meaningful impact and we can’t do it without you. Understanding that the COVID-19 pandemic has disproportionately harmed the poor and communities of color, our commitment to building greener, healthier, and more equitable communities has only strengthened our commitment and resolve to fulfill our vision: Energy efficiency and clean energy financing for buildings to achieve scale and be accessible to all.
Thank you for your continued support of our work and your help in enabling us to meet our important goals!
Fred Lee, Co-CEO
Curtis Probst, Co-CEO