Deal Spotlight
Bridging ConEd Incentives for Energy Efficiency Measures in Multifamily Housing
0
MMBtu
Lifetime Projected Energy Savings
0
Mtons CO2e
Lifetime Projected GHG Savings
The Building
Building type
Multifamily
Building size
7 Buildings
2,092,982 Gross Square Feet
2,105 Units
Year Built
1975
Location
New York, NY
NYCEEC Loan Product
Direct Loan
Project type
Incentive Bridge
Upgrades
Steam Trap
Replacement
Term
0.75 Years
Closing Date
November 2022
The Project
NYCEEC provided funding to bridge the gap between the costs of completed energy efficiency measures in seven multifamily buildings and the associated incentives through the ConEd Multifamily Energy Efficiency Program incentive program. The customer, Building Efficiency Services, had previously completed the replacement and repair of approximately 5,720 steam traps in the Lenox Terrace and Hudsonview Terrace developments in Manhattan, NY. These developments include affordable housing units.
Incentive payments under the ConEd program, as well as others, often account for a substantial portion of the project budgets and are not often paid upfront. Building Efficiency Services had multiple projects in various stages with associated incentives due to be received.
NYCEEC’s funding provided the customer with the ability to cover upfront operational costs incurred during the execution of these projects.
Total Project cost
$1,203,367
Incentives
$1,015,598
Property Owner Equity
$189,022
NYCEEC Loan
$750,000
Annual NYCEEC Loan Payment
$60,833
Simple Payback Period
0.75 years
The Results
NYCEEC’s loan helped facilitate the customer’s implementation of energy efficiency measures across over 2,100 multifamily units amounting to savings of approximately 978 metric tons of carbon dioxide equivalent per year. This NYCEEC loan product supports the work of energy efficiency upgrades in existing buildings, as well as contractors performing efficiency upgrades in existing buildings, who are critical to expanding implementation.
Note: Projected energy savings based on source savings