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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
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 email@example.com.