NYSERDA’s Commercial Property Assessed Clean Energy (PACE) Guidance Document provides guidance on implementing PACE in New York State, as required by New York State General Municipal Law Article 5-L.
This Guidance Document is for commercial and multifamily buildings only. While certain portions of this guidance may be applicable in the single-family residential sector, NYSERDA does not suggest that this guidance be used for single-family residential PACE financing. NYSERDA may issue additional guidance in the future regarding PACE in the single-family residential sector.
What is PACE Financing?
PACE financing programs use authority given to a municipality to offer financing for property owners to fund energy efficiency and renewable energy projects on existing commercial structures. The property owner voluntary agrees to repay the financing through a special assessment or special tax charge placed on their annual property tax bill. This provides financing for these types of improvements over time without requiring the property owner to make a large upfront investment.
Pace Financing Through Energize NY
PACE financing is available through the Energy Improvement Corporation’s Energize NY PACE program in participating municipalities
. EIC is a local development corporation and a New York State nonprofit established specifically to assist local governments and property owners achieve long-term energy savings and/or generate renewable power for use on site.
Getting started. Visit the Energize NY website for more information on how to finance upgrades to commercial and multifamily properties.