PACE: Loans to Green NYC Buildings

PACE: Loans to Green NYC Buildings

New program helps finance efficiency and renewables.

New York City has launched a new clean energy loan program to help building owners pay for
energy efficiency, electrification and onsite clean energy measures.

Retrofits that drive down energy use and cut carbon emissions will save money over time but can come with high upfront costs. Loans from NYC’s new Property Assessed Clean Energy (PACE) program will cover up to 100 percent of those costs with competitive rates, long timelines and payments that may be covered by savings from energy bills.

With PACE, building owners can finance a range of projects like heating system upgrades, envelope improvements and onsite solar PV. The loans are particularly important for buildings that have to meet Local Law 97 carbon limits: eligible upgrades will help owners reduce energy use and carbon emissions while also improving building systems, air quality and occupant health and comfort.

NYC PACE loans are available for all privately owned buildings except one- to two-family homes and some condominiums, bringing most of the city’s building owners a powerful new tool for practical, cost-effective decarbonization in the years ahead.

Download the full brief for more information on the benefits of PACE and how to apply.