NYCEEC’s financing solutions unlock significant cost savings and enable building upgrades
June 10, 2015, NEW YORK / PR Newswire / — Today, the New York City Energy Efficiency Corporation (NYCEEC) announced that it financed six new clean energy projects for small multifamily buildings that provide affordable housing for working families in neighborhoods across New York City.
NYCEEC’s loans enabled these historically underserved buildings to upgrade their systems, convert from oil to natural gas heating systems and even install new windows. Building owners will save significant money, increase tenant comfort and improve property value.
“NYCEEC was quick, responsive and flexible throughout the loan process, from providing multiple draws to financing additional, related construction,” said Jonathan Coren, building owner, Morris Avenue, Bronx. “Not only did NYCEEC’s loan help us, but their technical expertise was key to completing our gas conversion and efficiency work.”
NYCEEC financed 100% of the $150,900 project cost at Morris Avenue. The building will save over $30,000 a year, and will be cash flow positive from day one. The loan was structured so that cost savings will exceed loan payments.
NYCEEC also provided a $64,000 loan to a rent-stabilized building on St. Lawrence Avenue in the Bronx for a fuel conversion and energy efficiency retrofits, including insulation, low-flow fixtures and an energy management system. The building will save over$43,000 per year.
“Working with NYCEEC was a breeze. They quickly turned around our loan and helped us maximize NYSERDA incentives without adding any additional requirements,” said Lou Foundos, building owner, St. Lawrence Avenue.
“For small and mid-sized buildings, ensuring compliance with regulations and navigating energy efficiency opportunities can be challenging,” said Posie Constable, NYCEEC’s Director of Business Development. “We not only enable these upgrades through our financial solutions, but we also help get the job done right.”
The other financed buildings are located on Briggs Avenue in the Bronx, and Boro Park Village, Spencer Place and Foster Avenue inBrooklyn.
Since 2012, NYCEEC has greened more than 3,800 multifamily units, of which 80% are affordable housing. NYCEEC’s financed projects have reduced over 516,000 tons of greenhouse gases, equivalent to removing 98,557 cars from the road.
Link to full press release.