SUCCESS BY THE NUMBERS

89
ANNUAL COST SAVINGS
10
PROJECTED ENERGY SAVINGS
12
PROJECTED GHG SAVINGS
55
VEHICLES REMOVED FROM THE ROAD LIFETIME

OVERVIEW


Built in 1961, Lakeside Towers is a large three-wing, 13-floor residential complex in Bayside, Queens. Working with the project developer Strategic Finance Group and NYCEEC, the co-op financed a cogeneration system under a power purchase agreement (PPA) structure.

  • Project type: Cogeneration
  • Total project cost: $720,000
  • Financial product: Power purchase agreement loan
  • NYCEEC role: $420,000 loan

THE CLIENT CHALLENGE


The co-op sought a cogeneration system to generate efficient, affordable energy that could supplement existing utility-provided electricity and also power critical building infrastructure during utility grid failures.

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THE NYCEEC SOLUTION


The building entered into a PPA with Strategic Finance Group to purchase electrical and thermal generation from a 125 kW Tecogen cogeneration system. NYCEEC provided a $420,00 loan to a special purpose entity owned by Strategic Finance Group to purchase and install the cogeneration system and associated equipment. This loan with a $201,000 grant from NYSERDA financed the majority of the project cost.

THE RESULTS

NYCEEC’s financing will reduce energy waste, save the building money and provide residents with significant resiliency benefits.

  • Significant energy savings
  • Increased predictability of energy costs
  • Improved building performance and resiliency
  • Minimal upfront project cost for owner

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