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Incentives

 

NYSERDA has incentives and technical assistance available to support owners and managers of multifamily buildings depending on your property’s needs or where you’re at in your energy management journey.

Find a Provider

The Multifamily Performance Program (MPP) is a great place to start for owners of affordable properties. For additional financing opportunities, view our full list of multifamily financing options.

Multifamily Performance Program Incentives

You can receive incentives up to $1,500 per unit to make improvements that lower your energy use. The more energy savings you target, the more incentives you can receive.

Projected Energy Savings Target Total Incentive 
(per unit)
Construction Completion
(per unit)
Performance Incentive
(per unit)
15% ‐ 24% $700 $650 $50
25% ‐ 29% $800 $750 $50
30% - 34% $1,000 $950 $50
35% + $1,500 $1,200 $300

NYSERDA Financing

NYSERDA offers building owners, managers and developers a unique opportunity to obtain financing for a multitude of building renovation projects for energy retrofits:

Energy Efficiency Financing:

Working with your lender you can, finance energy efficiency upgrades through the Multifamily Performance Program. NYSERDA will provide lenders up to 50% of the loan principal, to a maximum of $5,000 per unit or $500,000 per project. For more details on both the loan products and process, visit NYSERDA’s Small Business Financing.

Photovoltaic, Ground Source Heat Pump and Air Source Heat Pump Financing:

You can finance up to $50,000 for a maximum 10 years through either a Participation Loan or an On-Bill Recovery Loan. For more details on both the loan products and process, visit NYSERDA’s Small Business Financing.

Interest Rate: Multifamily financing loans are being offered at 0% for the term of the loan until the designated funding is depleted or May 31, 2021, whichever is first. Get Started. For any questions on either above, contact us at gjgnysbnfp@nyserda.ny.gov.

Financing for Borrowers

How it works. 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.

Get started. Select a NYSERDA Multifamily Building Solutions Provider. Your provider will help you develop an energy reduction plan and qualify your plan for low-interest financing. You will then select a lender of your choice.

Financing Opportunites for Lenders

How it works. Use your lending power to create energy savings in New York State through low-interest financing. It can serve as a powerful marketing and business development tool for your lending institution. Being able to lend money at a below-market rate gives you several advantages, including:

  • Enhancing your position against competitors who don’t participate
  • Gaining experience in an emerging sector of the financing industry
  • Introducing you to new customers who may benefit from your other services

Get started.Once you are working with a customer that has completed a NYSERDA-approved Savings Verification and Information Tool (SAV-IT) and a signed Pre-Approval form, complete and submit the Participation Agreement [PDF] to NYSERDA.

NYCEEC Financing

How it works. The New York City Energy Efficiency Corporation (NYCEEC) is a financial services nonprofit organization that makes loans to building owners and various other entities for energy efficiency and clean energy projects. NYCEEC works closely with borrowers to structure loans that meet their needs and achieve cost and energy savings. Benefits to borrowers include:

  • Flexible and innovative loan structures that can match construction milestones and bridge incentive payments
  • Financing to cover the cost of equipment, construction and eligible soft costs such as energy audits
  • Loan sizes start at $100,000

Getting started. Visit NYCEEC’s website to learn how you can finance your clean energy upgrades and start saving money. For more information contact Erangi Dias at 646-797-4622 or by email at edias@nyceec.com.

PACE Financing

PACE Financing is offered through Energy Improvement Corporation's (EIC) OPEN C-Pace Program. EIC is a New York State non-profit, local development corporation that operates EIC OPEN C-PACE for the benefit of its member municipalities, which include counties and cities across New York State, as well as towns in Westchester County.

Please visit us at www.eicpace.org Link opens in new window - close new window to return to this page. to find out more about the program.

Affordable Housing Energy Financing

How it works. There are multiple financing programs and resources available through New York State affordable housing agencies. These programs help multifamily building owners finance upgrades to their properties and reduce operating costs.

Get started. Visit the below affordable housing agency sites to learn more about financing opportunities.

Additional Financing Providers

Below are links to additional providers offering financing products for multifamily buildings: