The smart way to energy savings and a better bottom line for multifamily buildings
NYSERDA offers building developers, owners, and managers a unique opportunity to obtain low-interest financing on energy-saving building and renovation projects through private commercial lenders. This funding is available through Green Jobs – Green New York, a statewide initiative dedicated to strengthening our communities through energy efficiency.
Here's how it works:
- NYSERDA provides lenders up to 50 percent of the principal borrowed, to a maximum of $5,000 per unit or $500,000 per energy-saving project, at a 2% interest rate.
- Example: A borrower who requests $50,000 to fund an approved project will pay the market rate interest rate on $25,000; the remaining $25,000 is paid at a 2% interest rate.
This innovative arrangement benefits both borrowers, who thus enjoy interest rates below market rate for loans up to $1 million, and lenders, who can open new relationships at reduced risk.
For Building Owners
Financial benefits. Participants are eligible for a number of financial benefits, including:
- Cash incentives that help cover the cost of energy-saving improvements.
- Low-interest financing to pay for the balance of improvements, at about half the market rate.
- Additional NYSERDA cash incentives if the changes you’re making will save 15 percent or more on your building’s annual energy usage.
Eligibility. Any existing residential building, including gut-rehab projects, with five or more units in New York State is eligible.
Both market-rate and affordable housing projects are eligible, in addition to Advanced Submetering Program projects.
A gut rehab is defined as one of the following types of projects (if a licensed professional architect or engineer has prepared and certified the building plans):
- Change of use and reconstruction of an existing building or space within
- Construction work of a nature requiring that the building or space within be out of service for at least 30 consecutive days
- Reconstruction of a vacant structure or space within.
Getting started. The first step is to find a NYSERDA Multifamily Performance Partner. Partners serve as experts, advocates, and guides to help developers and building owners navigate every step of the process—from initial assessment to final implementation.
Your Partner will walk you through all necessary steps for developing an Energy Reduction Plan and qualifying your plan for low-interest financing. For you, the process couldn’t be simpler.
Find a Multifamily Performance Partner for your existing building.
Download the Green Jobs – Green New York Fact Sheet [PDF] for multifamily buildings.
View a summary of requirements for eligible projects on our Pre-Approval form [PDF] and program description [PDF].