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Deal Spotlight

Financing for Pilot Radiator Upgrades to Drive Energy Efficiency

The Building: Radiator Labs

Building type
Multifamily, Institutional

Building size
5 buildings
288,607 square feet

Year built
1900’s, 1920’s, and 1930’s

New York, NY

Project type
Energy Efficiency

Radiator upgrade

NYCEEC loan product
Equipment loan

18 Months

Closing date
January 2015

The Project

Radiator Labs had received contracts from the managers of seven buildings agreeing to serve as pilot sites for the commercial product demonstration over the 2014-2015 winter heating seasons. The building owners agreed to cover 40% of the cost of the pilot, and NYSERDA committed to cover the remaining 60%. However, the agreement created a cash flow issue for Radiator Labs. It needed to pay upfront for manufacturing and installation but would not receive payment from the participants until after installation and finally measurement of the energy saving results.

Total Project Cost




The Results

NYCEEC provided a full recourse loan that enabled Radiator Labs to cover manufacturing and installation costs. Radiator Labs would pay off the loan after the host buildings and NYSERDA released payment after installation and a winter season’s measurement of results.