These cost and savings projections, typically developed in an energy audit or feasibility study, must be summarized in the Technical Certification Workbook. The NYC Accelerator PACE Financing application process requires a qualified engineering firm to certify that costs and savings projections for each eligible measure are truthful. All other relevant Program Documents will be updated to incorporate these changes in due course.Īnyone with questions regarding this Program Update, or the NYC Accelerator PACE Program in general, Program Updates: The Program’s Technical Certification Workbook and Technical Guidance Supplement have been updated to incorporate these changes and are currently available on the Program Website. These changes will ensure that PACE is available to be an impactful and accessible financing tool to support electrification projects throughout New York City, contributing to the City's long-term goal of building decarbonization. The Program has now designated the above electric improvements as cost-effective, pre-qualified measures, meaning their full costs can be paid for through PACE financing. Electric “HVAC” systems (e.g., heat pumps).The NYC Accelerator PACE Financing Program (the “Program”) has adopted the recently released New York State Energy Research and Development Authority’s (“NYSERDA’s”) Guidance, allowing for PACE financing to cover the full cost of the following decarbonization measures in New York City: NYC Accelerator PACE Financing - Program GuidelinesĬommercial Property Assessed Clean Energy (PACE) financing is available in New York State for a wide range of decarbonization measures for retrofit projects of existing buildings, following recent updates to PACE Guidance from both New York State and New York City.NYC Accelerator PACE Financing - Overview.Drives energy savings and increases property value.Can finance other project costs needed for installation, like asbestos and lead mitigation of roof upgrades.Can be transferred if the building is sold.Provides long-term fixed-rate financing.Covers 100% of energy upgrade costs with no cash upfront. NYC Accelerator PACE Financing is a program offered by the New York City’s Mayor’s Office of Climate and Environmental Justice, in partnership with the New York City Energy Efficiency Corporation (NYCEEC).īenefits of NYC Accelerator PACE Financing It offers long-term, fixed-rate financing, covering up to 100% of project costs with no cash up-front from the owner. NYC Accelerator Property Assessed Clean Energy (PACE) is an innovative financing tool that helps commercial and multifamily building owners fund energy efficiency and renewable energy projects.
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