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About C-PACE

Together with the NYC Mayor’s Office of Climate & Sustainability (MOC&S), NYCEEC has helped establish a C-PACE financing program that will benefit all commercial and multifamily buildings in New York City. The program, known as NYC Accelerator PACE Financing, is sponsored by MOC&S and administered by NYCEEC on behalf of the City.

C-PACE – Commercial Property Assessed Clean Energy – is an innovative financing tool. It offers building owners a way to fund energy efficiency and clean energy projects that can dramatically decrease their utility bills.

Many states and cities across the US have implemented C-PACE financing programs to help decarbonize buildings and create green jobs.

Why Use C-Pace Financing?

Easier to Qualify: C-PACE eligibility is based primarily on the equity value of the subject building. This makes the application and approval process generally easier than more traditional loan products.

Advantageous Terms: C-PACE loans often have superior interest rates and loan maturities making for smaller payments than traditional loans. There will be several C-PACE lenders in NYC, allowing borrowers to find the best terms for them.

Convenient: C-PACE loans are paid right along with property tax payments. Borrowers make one convenient payment. Like tax assessments, C-PACE loans do not accelerate and remain with the building upon sale.

Funds Availability: C-PACE loans can fund up to 100% of the project costs, more than traditional loan options

C-PACE financing is available for:

  • Energy efficiency equipment upgrades
  • On-site renewable energy generation
  • Related work

However…

Before applying for a C-PACE loan, make sure you are up to date on all property tax and mortgage payments.

As always, before entering into a C-PACE loan or any loan, make sure you fully understand all loan terms and your obligations under any loan agreement.

Want to stay in the loop on all C-PACE developments in New York City? Please contact pace@nyceec.com.  

NYC ACCELERATOR PACE FINANCING

The C-PACE program website contains program guidelines, FAQs, and information for lenders, borrowers, and contractors.

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