The New York City Energy Efficiency Corporation (NYCEEC) is the nation’s oldest local green bank. NYCEEC provides loans for energy efficiency and clean energy projects in New York City and throughout the Northeast and Mid-Atlantic regions. Additionally, NYCEEC is now the administrator of New York City’s C-PACE program, which will begin accepting applications in early 2020.
NYCEEC offers several types of loans to building owners and project developers, typically ranging from $200,000 to $2,000,000. Through a variety of financing products, including equipment loans, power purchase agreements, energy services agreements, construction financing, and pre-development financing, NYCEEC has facilitated over $150 million in energy efficiency and clean energy investments. These investments supported upgrades in hundreds of commercial and multifamily buildings, including over 5,400 units of affordable housing. NYCEEC-financed projects have removed nearly 750,000 tonnes of greenhouse gas emissions, making communities greener, cleaner, and healthier.
NYCEEC finances projects focused on energy efficiency, combined heat and power, fuel conversion, demand response, and building-scale renewable energy and storage projects. Rates typically range between 6-8 percent, and terms are generally 10 years or fewer. Projects include financing energy storage at Marcus Garvey Apartments, the nation’s first affordable housing microgrid, and financing fuel conversions and energy efficiency improvements across six of Annal Management’s affordable multifamily properties in the Bronx.
Currently, NYCEEC lends in an 8-state region including CT, DE, MA, MD, NJ, NY, PA, RI, and Washington, DC. The growing green bank movement, new local green buildings policies (like New York City’s Climate Mobilization Act), and heightened awareness of the effects of climate challenges and need for resiliency upgrades all highlight the importance of NYCEEC’s work. For those looking to reduce carbon emissions and increase energy savings in their buildings, NYCEEC continues to be a leader in energy efficiency and clean energy lending.
Please contact NYCEEC’s Directors of Business Development to learn more: Posie Constable (pconstable@nyceec.com, 646-797-4615) or Erangi Dias (edias@nyceec.com, 646-797-4622). For more information, visit www.nyceec.com.
