Author: Jamie McCorry Published: 9/3/2020 NEWS
Yesterday, September 2nd, New York City Mayor Bill de Blasio signed an executive order to begin the process of Commercial Property Assessed Clean Energy (C-PACE) program development in New York City.
New York City Council passed a local law to authorize C-PACE as part of the Climate Mobilization Act in April, 2019, led by City Council member and clean energy champion, Costa Constantinides. Yesterday’s executive order is an exciting milestone that allows the City to begin the rulemaking process for C-PACE, and will lead to a formal program launch in the near term. Greenworks Lending was the driving force behind bringing this Executive Order to fruition, and applauds the NYC Mayor’s Office of Sustainability for their efforts to prioritize clean energy in NYC.
C-PACE will allow New York City building owners to access low cost, long-term private financing for energy efficiency retrofits and renewable energy installations that will save business owners energy and money. These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements. This program has the strong potential to be transformative for both commercial real estate development and sustainability throughout the five boroughs.
Contact us to learn more about the program or start a project!
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