NYCEEC can provide loans directly to building owners to finance energy efficiency retrofits, clean heat conversions and installations of certain eligible distributed, on-site generation equipment and related activities.
Loan proceeds can be used to finance hard and soft costs associated with energy retrofits, including assessment and audit costs, design and engineering, equipment purchases, construction, installation, implementation, commissioning, establishment of monitoring and data protocols, and related activities.
To participate, borrowers must demonstrate limited availability of cost effective private debt or equity capital for the proposed energy retrofits, conduct an ASHRAE Level II audit (or the reasonable equivalent thereof) and demonstrate that the proposed project is expected to generate at least 15% energy savings.
• Amount – $500,000 to $5 million available for financing
• Term – 3 to 10 years, as substantiated by project pay-back
• Construction and permanent financing
• Equity requirements negotiated on a case-by-case basis; incentives and grants can be used to meet borrower equity requirement; overcollateralization, performance guarantees or other forms of security will be taken into account
• Rate and fees – competitive rate and fees based on project parameters and financial metrics