Tompkins County Legislature Chair Michael Lane and City of Ithaca Mayor Svante Myrick joined with local government and business leaders today to officially launch the Energize NY Finance program, designed to help commercial and non-profit building owners reduce their operating costs and increase the value of their buildings through clean energy improvements.
Energize NY provides building owners with critical support, tools and low-cost, long-term financing for energy efficiency and renewable energy projects that cut energy consumption, save money, and reduce greenhouse gas emissions. The launch event was held at The Space @ GreenStar, 700 West Buffalo Street.
“We’re excited to be one of the first upstate New York communities to join this innovative program, which will help connect the dots between economic development and environmental sustainability," said City of Ithaca Mayor Svante Myrick, "It will provide building owners with much needed support in identifying, planning and financing energy projects, which will reduce their operational costs and increase affordability.”
The Energize NY Finance program uses an innovative form of financing called Property Assessed Clean Energy (PACE) financing, which has been used in 31 states nationwide. Unlike other loan products, Energize NY financing is repaid through an annual charge on the property’s tax bill, which automatically transfers to a new owner if the property is sold. The financing is based on the property’s ability to save energy, not on traditional credit measures. All Energize NY financings generate savings to the building owner on day one, with the annual energy savings exceeding the annual cost of the financing.
Energize NY is funded in part through the New York State Energy Research and Development Authority (NYSERDA), and aligns with Governor Cuomo’s Reforming the Energy Vision (REV) strategy to build a clean, resilient and affordable energy system for all New Yorkers.