NYC PACE Financing
NYC Property Assessed Clean Energy (PACE) is an innovative financing tool that helps commercial and multifamily building owners fund energy efficiency and renewable energy projects. It offers long-term, fixed-rate financing, covering up to 100% of project costs with no cash up-front from the owner. NYC PACE is a commercial PACE (C-PACE).
NYC PACE financing is a program offered by the New York City’s Mayor’s Office of Climate and Environmental Justice. It is a public/private partnership that is administrated by New York City Energy Efficiency Corporation (NYCEEC), funded by approved private PACE lenders. As program administrator, NYCEEC is responsible for approving PACE lenders and PACE projects.
Note: This webpage was last updated on November 14, 2025. For the most up-to-date information and resources, please reach out to NYCEEC at PACE@nyceec.com.
Benefits of NYC PACE Financing
Program Resources
More Information and Resources
The following building types may qualify for PACE Financing:
- Existing buildings located in New York City
- Multifamily buildings of three or more units
- Commercial, industrial, and office properties
- Buildings owned by tax-exempt organizations including religious institutions
- Properties with no outstanding taxes, civil penalties, or other debts to New York City
- New construction projects located in NYC
- Condominiums can potentially access C-PACE through homeowners’ associations own tax lot (7501)
Commercial Property Assessed Clean Energy ("C-PACE") financing is now available in New York City for New Construction Projects and Major Renovation Projects, following recent updates to PACE Guidance from New York State and the New York City Financing program (the "Program").
The Program has adopted the recently released NYSERDA Guidance, allowing New Construction Projects and buildings undergoing Major Renovations that result in all-electric buildings to be eligible for C-PACE financing in New York City.
The updated NYSERDA Guidance also authorizes C-PACE financing for Retrofit and New Construction Projects of properties on ground leases. Additionally, Retrofit Projects that result in full electrification are now designated as “pre-qualified,” exempting them from the Savings-to-Investment Ratio (“SIR”) requirement. This means that the total cost of the Project, including non-electrification measures (e.g., enclosure measures such as windows), may be eligible for C-PACE financing. Furthermore, the NYSERDA Guidance also allows for the “Incremental Cost Approach” to be utilized in calculating the SIR requirement for Retrofit Projects, resulting in a larger number of Retrofit Projects being able to meet the Program's SIR requirement.
Separately, the New York City Council recently reauthorized the City’s tax lien securitization program for defaulted tax liens. As such, an eligible defaulted PACE Charge (a “PACE Charge Lien”) would be expected to once again benefit from the enforcement process contained in the Master Transfer and Remittance Agreement.
These changes should expand the New York City C-PACE market and help ensure that C-PACE is an impactful and accessible financing tool to support both Retrofit and New Construction projects throughout New York City, contributing to the City's long-term goal of building decarbonization.
The following Program documents have been updated to incorporate the above changes and currently are available on the Program website:
- Program Guidelines
- Program Fee Schedule
- Master Lender Agreement
- Collection Agreement
- Master Transfer and Remittance Agreement
- Technical Guidance Supplement
- Technical Certification Workbook
- Technical Certification
- Technical Certificate of Completion
- Lender Certification
Anyone with questions regarding this Program Update, or the NYC PACE Financing Program in general, is encouraged to contact us.
Previous Program Updates:
The NYC PACE Financing application process requires a qualified engineering firm to certify that costs and savings projections for each eligible measure are truthful. These cost and savings projections, typically developed in an energy audit or feasibility study, must be summarized in the Technical Certification Workbook.
The Technical Certification Workbook may require the following data:
- An itemized description of each measure, including quantity, cost, and other relevant details
- Estimated useful life (in years) for each measure
- Projected energy cost savings by fuel type for each measure
- Projected greenhouse gas emissions savings for the project
- Projected savings resulting from civil penalties that would not be incurred under Local Law 97 due to the installation of the project
- Other related project benefits
For more information, please review the instructions included within the Technical Certification Workbook as well as the recorded demo for more information.
Download Resources:
Resources for Lenders and Capital Providers
NYC Accelerator PACE Financing loans may only be originated by qualified PACE lenders. NYCEEC oversees PACE applications and approves PACE lenders.