PACE financing: A first for New York

Property Assessed Clean Energy (PACE) is a financing tool that offers building owners up to 100 percent funding for energy efficiency and renewable energy projects. The PACE loan model requires little to no upfront cost and offers low interest rates and long loan terms.

PACE has been available in counties and cities across New York State and became available for New York City’s commercial, nonprofit and multifamily buildings in 2021. This lower-cost financing can help unlock the $20 billion retrofit market opportunity resulting from NYC’s building emissions law.

Expert speakers discuss what projects are eligible for PACE financing and explain how project eligibility is determined, the PACE energy audit, which measures are pre-qualified and other aspects of how the guidelines will be implemented. This event clarifies what is and isn’t permitted with PACE loans.

Published March 18, 2021


Fred Lee

The first local Green Bank in the U.S., NYCEEC provides loans for building energy efficiency and clean energy projects and will administer NYC’s soon-to-be-launched C-PACE program. Fred helped launch NYCEEC, previously serving as General Counsel and Vice President. Prior to NYCEEC, Fred led the Center for Economic Transformation’s CleanTech and Energy team at the NYC Economic Development Corporation, and prior to that was a structured finance attorney. Fred holds an MBA with a concentration in real estate finance from Columbia Business School, JD from Cornell Law School and BA in Political Science from Amherst College.

Elizabeth Kelly
Senior Policy Advisor, NYC Mayor's Office of Sustainability

NYC is committed to achieving carbon neutrality by 2050 and lowering greenhouse gas emissions across our region. Elizabeth works with community organizations, real estate stakeholders, utility partners, designers and residents to drive policy and programs to reduce carbon emissions in New York’s buildings. Her team is currently focused on launching NYC Accelerator and PACE financing to bring much-needed resources to the private market to advance building decarbonization.


Michele Pitale, M. D.
Managing Director, Counterpointe Sustainable Real Estate

Founded in 2013, Counterpointe Sustainable Real Estate is a Greenwich, CT-based national PACE capital provider who, with its affiliates, administers PACE programs in Chicago, California and Florida with more than 8,000 closed PACE assessments in support of sustainability and resiliency projects. As head of CounterpointeSRE’s retrofit financing team, Michele has directly originated or overseen closing PACE assessments for existing buildings that include PACE transactions at $49.5MM in 2019 and $42.16MM in 2020.