NYC Accelerator PACE Financing

NYC Accelerator PACE Financing

NYC Accelerator PACE Financing

NYC Accelerator 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 Accelerator PACE Financing is a program offered by the New York City’s Mayor’s Office of Climate and Environmental Justice, in partnership with the New York City Energy Efficiency Corporation (NYCEEC).

Benefits of NYC Accelerator PACE Financing

  • Covers 100% of energy upgrade costs with no cash upfront
  • Provides long-term fixed-rate financing
  • Can be transferred if the building is sold
  • Can finance other project costs needed for installation, like asbestos and lead mitigation of roof upgrades
  • Drives energy savings and increases property value

Program Overview and Guidelines

Speak to a PACE Expert


Does My Building Qualify?

The following building types may qualify for PACE Financing:

  • Existing buildings located in NYC
  • Multifamily buildings of three or more units
  • Commercial, industrial, and office properties
  • Buildings owned by tax-exempt organizations including religious institutions
  • Residential condominium units currently owned in common by a commercial entity, unless and until such time as such a unit is sold
  • Properties with no outstanding taxes, civil penalties, or other debts to NYC
Find a PACE Lender

Find a lender that is pre-qualified to provide loans for all eligible commercial and multifamily properties through the NYC Accelerator PACE Financing program.

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Program Update - 2023

Commercial Property Assessed Clean Energy (PACE) financing is available in New York State for a wide range of decarbonization measures for retrofit projects of existing buildings, following recent updates to PACE Guidance from both New York State and New York City.

The NYC Accelerator PACE Financing Program (the "Program") has adopted the recently released New York State Energy Research and Development Authority's ("NYSERDA's") Guidance, allowing for PACE financing to cover the full cost of the following decarbonization measures in New York City:

  • Electric "HVAC" systems (e.g., heat pumps)
  • Electric domestic hot water systems
  • Electric energy recovery systems

The Program has now designated the above electric improvements as cost-effective, pre-qualified measures, meaning their full costs can be paid for through PACE financing.

These changes will ensure that PACE is available to be an impactful and accessible financing tool to support electrification projects throughout New York City, contributing to the City's long-term goal of building decarbonization.

The Program's Technical Certification Workbook and Technical Guidance Supplement have been updated to incorporate these changes and are currently available on the Program Website. All other relevant Program Documents will be updated to incorporate these changes in due course.

Anyone with questions regarding this Program Update, or the NYC Accelerator PACE Program in general,

Previous Program Updates:

September 2022

April 2022

Technical Certification

The NYC Accelerator 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.

Technical Workbook

Technical Certification Version 2.0

Technical Guidance Supplement

Information 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. Learn more about becoming a pre-qualified PACE lender:

Questions about becoming a Qualified Lender?

Contact NYCEEC

Already a Pre-Qualified Lender?

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The NYC Accelerator PACE webpage was last updated on February 29, 2024.