State Energy Financing Fund
A financing vehicle to unlock complementary state and federal funding for the deployment of capital for financing technologies to decarbonize the built environment.
The State Energy Financing Fund provides a complementary funding opportunity for entities actively working with or applying to the U.S. Department of Energy (DOE) Loan Programs Office (LPO) Title 17 Clean Energy Financing Program’s Section 1703 , to support capital deployment for projects in New York State that reduce emissions from the built environment, including buildings and other infrastructure.
The federal program was authorized by Title 17 of the Energy Policy Act of 2005 and issues loan guarantees to eligible innovative energy projects with a category for State Energy Financing Institution (SEFI)-supported projects that align federal energy priorities with those of U.S. States.
NYSERDA expects to deploy up to $20 Million of direct capital and credit enhancements to eligible entities, at an amount not to exceed the lesser of $5 Million or 3% of an eligible applicant’s proposed project portfolio amount.
Benefits to Your Institution
NYSERDA’s financial support is intended to increase access to the Title 1703 loan guarantee program. Lowering the cost of a direct LPO loan or a loan guarantee, Title 1703 guarantee helps reduce potential barriers for eligible applicants looking to scale decarbonization products and solutions, and in turn advance New York’s climate goals more affordably.
Who Can Apply
NYSERDA primarily seeks to support community development financing institutions (CDFIs), credit unions, specialized commercial and financial firms, clean energy project developers and sponsors that will provide loans or other forms of financing or direct support for clean energy and sustainable infrastructure projects predominately serving New York’s Disadvantaged Communities.
Eligible projects must be decarbonization interventions that are designed to maintain or reduce customer energy bills, maintain or improve building comfort, and deliver resilient, durable solutions, or otherwise contribute to greenhouse gas emissions reductions.
To be eligible to apply, you must be in the process of applying to LPO for a loan guarantee supporting decarbonization work in NYS within the following target sectors:
- Residential (1-4 unit) dwellings
- Commercial buildings
- Multifamily (5+ unit) buildings
- Non-profit and Municipal buildings
- District Thermal Energy projects
- Electrification of the Transportation Sector to the extent it intersects with the built environment
- Energy Storage
- Grid impact: including optimization through virtual power plants or similar technology to support decarbonization of the built environment
- Other Decarbonization Projects impacting built environment and infrastructure, with an emphasis on projects benefitting DACs
- Review program documentation - Review the Program Opportunity Notice (PON) for a detailed breakdown of participation requirements and eligibility.
- Develop your proposal - Once eligibility is confirmed, create a proposal that outlines the products planned to offer including proposed geography and how NYSERDA’s SEFI financing support will improve accelerate or enhance service or product offering.
- Gather your application materials - Along with proposal documents, application requires company information such as regulatory and insuring agency details, if applicable.
- Submit your application - Once information is complete, submit online application. Partially completed applications cannot be saved on NYSERDA’s portal, so make sure to have all relevant documents ready before applying.
Please contact John Joshi or Luis Aguirre-Torres at NYSERDA, the program administrators, at [email protected] for more information, to discuss your product proposal, or to answer any questions.