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PACE is coming to New York City and NYCEEC is leading the way. Together with the Mayor’s Office of Sustainability, we are structuring a PACE financing program that will benefit all commercial and multifamily building owners.
PACE – Property Assessed Clean Energy – is an innovative financing tool. It offers building owners a way to fund energy efficiency and clean energy projects that can dramatically decrease their utility bills.
Building owners in many states and cities across the US have taken advantage of PACE financing, and soon Big Apple building owners will be able to as well.
Why Use Pace Financing?
Easier to Qualify: PACE eligibility is based primarily on the equity value of the subject building. This makes the application and approval process generally easier than more traditional loan products.
Advantageous Terms: PACE loans often have superior interest rates and loan maturities making for smaller payments than traditional loans. There will be a several PACE lenders in NYC, allowing Borrowers to find the best terms for them.
Convenient: PACE loans are paid right along with property tax payments. Borrowers make one convenient payment. Like tax assessments, PACE loans do not accelerate and remain with the building upon transfer.
Funds Availability: PACE loans can fund up to 100% of the project costs, more than traditional loan options
PACE financing will be available for:
- Energy efficiency equipment upgrades
- On-site renewable energy generation
- Related work
Specific program eligibility guidelines will be released in late fall 2019. Until that time, statewide criteria provides a good preview for some of the expected standards in NYC.
Before applying for a PACE loan, make sure you are up to date on all property tax and mortgage payments.
As always, before entering into a PACE loan or any loan, make sure you fully understand all loan terms and your obligations under any loan agreement.
Want to stay in the loop on all developments on PACE in New York City? Then contact email@example.com with the subject line “NYC PACE.”