Take advantage of incentives, low-interest loans, and technological expertise for bottom-line savings
As the owner of an existing building of 5+ units and 4+ floors, you can save substantially on monthly energy costs by participating in NYSERDA’s Multifamily Performance Program for Existing Buildings — a marquee part of our Multifamily Energy Performance Portfolio.
Through a partner network of engineers, energy consultants, and other industry professionals, the program applies the latest in building science technology to your existing building's design and daily operation, showing you how to save substantially on energy costs.
To participate, you’ll work with your selected Performance Partner to conduct a whole-building assessment that looks for energy-saving potential. The resulting Energy Reduction Plan will set a performance target for your building, and detail specific recommendations to achieve them. As you implement your Energy Reduction Plan and achieve its energy goals for your building, you will be eligible for NYSERDA incentives.
The fastest way to get started is to find a Multifamily Performance Partner.
How your building will benefit
- Save on annual energy costs—potentially hundreds of thousands of dollars
- Protect yourself against future volatility of energy costs
- Provide tenants with a comfortable and affordable living environment
Anticipated as of November 1, 2014, pending DPS approval of funds transfer.*
|Existing Buildings – Base Incentive
|Electrically-Heated (per unit)
||Fuel-Heated (per unit)
||Electrically-Heated (per unit)
||Fuel-Heated (per unit)
Performance Payment (per unit)
|Tier #1: 20% – 22%
|Tier #2: 23% – 25%
|Tier #3: 26% – 28%
|Tier #4: 29%+
* Incentives may be adjusted by NYSERDA, and may be revisited as soon as 2015.
Financing below the market rate
Financing for multifamily energy upgrades is more affordable through Green Jobs – Green New York, which advances 50 percent of the principal borrowed directly to your lender at an interest rate of 2%, effectively reducing the cost of your loan (up to $1 million) below the market rate. Green Jobs – Green New York can contribute up to $5,000 per unit or up to $500,000 per project. Read more about Green Jobs – Green NY for multifamily buildings.
What’s the best deal: deciding between NYSERDA programs and utility company programs
Some utility companies offer programs specifically for multifamily buildings; some do not. We recommend that you carefully compare the benefits of working with a utility company program and the NYSERDA Multifamily Performance Program. You must choose one or the other. NYSERDA takes a whole-building approach and creates incentives based on energy savings; utility companies tend to offer rebates on specific improvements or upgrades. Utility companies are generally restricted to working with building of 75 units or less; there is no upper size limit for working with NYSERDA.
Contact your utility company directly or check out following web sites to help you decide:
- AC Lofts – This 91-unit apartment complex was originally home to Buffalo's historic Alling and Cory paper warehouse. Now it's a thriving modern living space, complete with comprehensive energy efficiency upgrades including newly insulated walls and roofing, improved lighting and fixtures, motion sensors, water source heat pumps and energy-efficient appliances and motors. Since the renovation, the building has cut energy usage by an impressive 32 percent. And if that wasn't enough of a testament to its success, the complex has also garnered several awards for its role in the revitalization of downtown Buffalo. Download the full AC Lofts case study [PDF].
- Rose May Manor – Guy Demascole first purchased this Pulaski, NY apartment complex in total disrepair. However, a comprehensive rehabilitation project, including energy efficiency upgrades through NYSERDA’s Multifamily Performance Portfolio, transformed the property into a high-demand tenant destination. Taking advantage of over $98,000 in incentives and financing for the balance, Demascole made full-scale energy upgrades that slashed the building’s energy usage by 39%. Now, tenants enjoy low energy costs and high-quality of living – which, in turn, has generated a significant word-of-mouth effect.
- Carnegie House – The mechanical systems in this 21-story Manhattan co-op building needed an across-the-board update. Rather than simply replacing equipment, the building’s management and board decided to invest in a comprehensive energy upgrade project, creating more than $139,000 in annual cost savings. Download the full Carnegie House case study. Download the full Carnegie House case study [PDF].
- Riverview Court – This 343-unit affordable housing building needed an across-the-board update. By replacing aging windows, lighting and refrigerators and making other upgrades such as air sealing and installing electricity submeters, Riverview Court cut its energy costs by more than $300,000 a year. Download the full Riverview Court case study [PDF].
- Trump Tower at City Center – Just a few years after this White Plains high-rise was built, residents saw energy bills that were dramatically higher than expected. After completing a comprehensive energy upgrade project that improved lighting and added a combined heat and power unit, the building slashed energy use by 21 percent.
- Grant Village Apartments – Three dated, failing atmospheric boilers for 520 apartments across 45 buildings were upgraded to a decentralized approach that saved 25 percent and $293,643 in electricity and natural gas costs for this complex in Syracuse. Download the Grant Village case study [PDF].
- Saranac Lake Building – The mixed-use residential and commercial building at 135 Broadway in Saranac Lake turned around a long period of deferred maintenance and high energy bills with a comprehensive plan that cut energy use by 27 percent and delivered annual savings of $6,495. Projected payback time: 6.8 years. Download the Saranac Lake case study [PDF].
- Colvin Avenue Apartments – This two-story building in Buffalo, with 12 units, suffered from a variety of air-infiltration woes in addition to an aging central steam boiler and radiators with quirky controls. A comprehensive Energy Reduction Plan resulted in 40 percent energy savings in both electricity use and natural gas. In addition to upgrades to the building envelope and heating plant, a variety of health and safety issues were addressed. Here’s a quick look at the project, with before and after photos.
- Phipps Garden Apartments – This two-building Queens apartment complex was required to upgrade its #6 oil-burning boiler. Rather than do the minimum, Phipps Garden Apartments’ management invested in a comprehensive energy upgrade project, earning more than $300,000 in incentives and an annual energy savings of nearly $180,000. Phipps Garden Apartments case study [PDF].