Congratulations to the New York City Energy Efficiency Corporation (NYCEEC), which will be administering New York City’s C-PACE financing program for energy efficiency projects. This previously untapped market offers nearly unmatched potential for rapidly scaling energy efficiency in urban building stock. On September 2nd, New York City Mayor de Blasio signed an executive order jumpstarting the establishment of NYC’s C-PACE program. The legislation enabling C-PACE in New York City was passed as an important component of the Climate Mobilization Act, a sweeping set of bills aimed at achieving the ambitious emissions-reduction targets set by the city for the next three decades.
NYCEEC brings years of experience and decades of personnel knowledge to bear in administering C-PACE financing in New York City. NYCEEC already supports energy-efficiency and renewable energy projects in New York City through a variety of financial offerings including Energy Services Agreement (ESA) Loans, Green Construction Loans, Power Purchase Agreement (PPA) Loans, and more. NYCEEC’s distinction as the nation’s first local green bank is particularly fitting for the administration of the New York City C-PACE program as its parent legislation, the Climate Mobilization Act, seeks to translate local change into local, extra-local, and global results.
The New York City Council passed the Climate Mobilization Act on April 18, 2019 by a margin of 45 yeas to 2 nays, signaling to the entire country the importance of acting immediately to mitigate climate change. Combatting global climate change through improving energy efficiency is widely considered the clearest, and perhaps only, path to substantially redress the environmental harm caused by emissions. In celebration of the passing of this groundbreaking act, a partnership comprising the NYC Mayor’s Office of Sustainability, the NYC Retrofit Accelerator, and the Building Energy Exchange (Be-Ex) co-hosted a series on the Climate Mitigation Act that was open to the public July, 2019. The panel on C-PACE included PACE Financial Servicing’s very own Jessa Coleman as an industry expert.
Since the CMA’s passing and the selection of NYCEEC as the program administrator, all parties have been diligently working toward the date at which C-PACE financing will be available, and this date is nearing soon. Follow our page or those of NYCEEC to see updates and learn when C-PACE is coming to New York!
Are you interested in learning more about the sponsored series on the Climate Mitigation Act? Click the link below to see the archived event on the website of the Building Energy Exchange!