New York's Commercial PACE Program Picks Up Steam

Hodgson Russ Renewable Energy and Municipal Law Alert

Commercial Property Assessed Clean Energy (C-PACE) financing, now available in many New York State municipalities – including Buffalo as of December, 2019 – allows commercial property owners to finance renewable energy projects and energy efficiency improvements at a lower cost than otherwise available. Private capital is made available to finance up to 100% of the costs of installing certain upgrades for commercial buildings and is repaid through the equivalent of a special tax assessment.

This financing provides:

  • Lower blended cost of capital
  • No upfront cost
  • Customizable loan terms
  • Compliance with updated building codes
  • Reduction in building's energy bills

For a deeper dive into C-PACE here in New York State and how Hodgson Russ can help, click here.

And for a summary of the City of Buffalo's recent approval of its C-PACE program, click here.

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