City of Yonkers to Offer New Financial Solution for Clean Energy Projects
YONKERS, NY – August 19, 2019 – Yonkers Mayor Mike Spano today announced the City has partnered with Energy Improvement Corporation (EIC) to become the first large city in New York to offer the Energize NY Open C-PACE (Commercial Property Assessed Clean Energy) financing program. The Yonkers C-PACE program, which will assist commercial building owners in paying for improved energy efficiency and renewable energy systems, is being launched as Con Edison and National Grid have declared moratoriums on new natural gas hook-ups throughout the New York City area. The program will support the transition to more sustainable energy alternatives for Yonkers’ larger buildings and energy consumers.
“The Yonkers Open C-PACE program offers a valuable new opportunity for energy efficiency and renewable energy investment at commercial buildings, which are among the largest generators of greenhouse gas emissions in our city,” said Mayor Mike Spano. “With the recent moratoriums on new natural gas connections throughout Southern Westchester, parts of New York City and Long Island, Yonkers is proud to be the first large city in New York to establish this financing tool that will help make energy efficiency and renewable energy technology a cost-effective solution and support the growth of our clean energy economy.”
Open C- PACE is offered as a public benefit, with repayment secured through a special assessment lien on the benefitted property. Open C-PACE gives commercial property owners access to third-party capital on favorable terms, without placing any burden on the City. Unlike traditional banks loans, Open C-PACE provides financing for up to 100% of the project cost, can be combined with other financing and covers terms up to the expected life of the improvement.
“EIC is seeing interest state-wide from property owners who recognize the economic and environmental benefits of energy efficiency and renewable energy projects. I am especially excited to welcome Yonkers, one of the five largest cities in New York State, to EIC’s Open C-PACE program,” stated Susan Morth, Executive Director of Energy Improvement Corporation.
The Yonkers C-PACE program was developed over the last year under the advisement of the Yonkers Green City Advisory Committee and the Mayor’s Office of Sustainability. Legislation authorizing the program was introduced by Mayor Spano and approved unanimously by the Yonkers City Council.
“C-PACE financing can play a key role in facilitating energy efficiency and renewable energy upgrades at large buildings, which can significantly reduce our local demand for natural gas and lower carbon emissions,” said Jason Baker, Director of Sustainability for the City of Yonkers and Chair of the Yonkers Green City Advisory Committee.
The Yonkers Open C-PACE financing program is available to qualified commercial property owners, including non-profit and for-profit corporations, limited liability companies, partnerships, real estate investment trusts, or any property owner other than an individual or government property owners. Property owners seeking financing for clean energy improvements to their commercial buildings are encouraged to visit www.energizeny.org to learn more and apply.