What We Do
Our experienced staff is on the cutting edge of this New York State initiative. Contact us today to learn more about how we can help lead you, your building owner, develop through the C-PACE program.
100% financing for property owners
Per the Energy Improvement Corporation (EIC), Commercial-Property Assessed Clean Energy (C-PACE) financing programs use authority given to a municipality to offer 100% financing for property owners to fund energy efficiency and renewable energy projects for new and existing commercial buildings. The property owner agrees to repay the financing through a special assessment attached to the existing property taxes. New York State has recently approved C-PACE financing for private sector Green Energy Initiatives. The program will provide 100% financing for approved energy projects that reduce utility usage over the life of the building. These energy saving projects are no longer bound by 3-5 year payback calculation but are financed with no up-front costs over longer, customizable terms. This is a means of completing energy projects that have longer term energy paybacks that have historically been tabled due to the present value of funds available.
LED Lighting Upgrades - a complete re-lamping of a 50,000 square foot office building would save approximately $18,000 annually. The initial investment exceeds $126,000, which is roughly a seven-year payback. NYSERDA rebates on bulbs is only about $7,200. For the building owner, the up-front costs are not very attractive. Solution: C-PACE will provide 100% financing. Approved Capital Providers (lending institutions) are accepting 10-year (or longer depending on the investment size) terms at negotiated fixed rates. Local municipalities are guaranteeing the loans by attaching it to property taxes. The mortgage holding institution also has to sign off on the loan. The monthly payment of $1,102.50 can be easily included in the property's annual operating budget. Soft costs and engineering costs are included for the Program Developer (in this case, Militello Property Group). This is a great opportunity for building owners to implement these long dormant, but much needed, energy conservation measures. There are many other Green Initiatives that are identified during a Facility Condition Assessment provided by Militello Property Group as the designated Program Developer. Source: https://www.eicpace.org/