- Energize NY PACE Financing
EIC NY PACE Financing
The City of Saratoga Springs is proud to participate in the EIC NY PACE Financing Program (https://www.eicpace.org/ ).
EIC Open C-PACE (Property Assessed Clean Energy) is operated by Energy Improvement Corporation (EIC) and provides a low cost, long-term alternative to traditional loans to fund clean energy projects in commercially owned buildings. Open C-PACE is not a bank loan and differs from traditional financing options because:
financing is available for up to 100% of the project cost, or can be combined with other financing
competitive private financing from EIC-approved capital providers
customizable loan terms up to the expected life of the improvement
repayment is secured through a benefit assessment lien that is subordinate to municipal taxes
financing automatically transfers to a new owner if the property is sold
projects must comply with NY State Article 5-L (NY’s PACE law) and NYSERDA’s Commercial PACE Guidance Document
EIC Open C-PACE enables commercial property owners including not-for-profits to finance clean energy improvements utilizing the Property Assessed Clean Energy (PACE) model. Long term financing of up to 20 years is available to enable the annual energy savings to outweigh the annual cost of financing. In other words, customers can immediately profit from their clean energy improvements. Examples of upgrades range from simple measures such as lighting improvements to more substantial projects involving heating & air conditioning systems, building insulation and air sealing, and even the installation of commercial rooftop solar systems. EIC Open C-PACE may also be used to finance solar leases and power purchase agreements (PPAs).
The EIC Open C-PACE program was launched by Commissioner Madigan to assist commercial and not-for-profits access a new financing mechanism to pay for clean energy upgrades that lower buildings’ utility and maintenance costs and add to the value of the City’s building stock.
Questions regarding how the program works and for more information, contact the Energy Improvement Corporation Team directly:
Energy Improvement Corporation
2875 Route 35
Katonah, New York 10536
Susan Morth, CEO
City of Saratoga Springs
Tina Carton, Administrator of Parks, Open Lands, Historic Preservation and Sustainability
Phone: (518) 587-3550 ext. 2534