Deal Spotlight
Financing for Geothermal Heat Pump Installation at Historic Church in Westchester County
ton
Heat Pump Size
$
Total Project Cost
$
NYCEEC Loan Size
The Project
Project Type
Institutional
Building Size
4 Buildings
Year Built
1908
Location
Bronxville, NY
Upgrades/Technology
Geothermal Heating &
Cooling, Ground Source Heat Pump
NYCEEC Loan Product
Direct Loan
Loan Term
11 years
Closing Date
October 2025
NYCEEC provided a $2,000,000 construction-to-term direct loan to Christ Church Bronxville, a historic congregation founded in 1901, to finance the replacement of steam boilers and conventional HVAC systems with modern, energy-efficient geothermal heating and cooling systems, featuring a 150-ton ground source heat pump. To distribute heating and cooling throughout the building, seven water source variable refrigerant flow (VRF) heat pumps will be installed and connected to the geothermal wells in a closed-loop system. The project is expected to qualify for $876,000 in incentives from ConEd through the Commercial and Industrial Clean Heat Program.
The four-building campus is an important resource for many in the local Bronxville community. The Episcopal congregation hosts various initiatives to serve its community, including food drives, immigration services, donation drives for the homeless, family-matching for refugees, and much more.
The Project Numbers
NYCEEC Loan
$2,000,000
Incentives (expected)
$876,000
Borrower Equity
$824,000
Total Project Cost
$3,700,000
The Results
NYCEEC’s loan will provide crucial financing for the geothermal energy system. Once completed, the project will fully replace the church’s existing heating and cooling systems with a cleaner, more sustainable solution. By eliminating the use of on-site natural gas boilers, the upgrade will significantly reduce emissions, with projected lifetime savings of nearly 3,500 MTons of carbon dioxide equivalent. Importantly, the system is expected to significantly reduce utility expenses for the congregation.