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
Program Overview and Guidelines
The following building types may qualify for PACE Financing:
Find a lender that is pre-qualified to provide loans for all eligible commercial and multifamily properties through the NYC Accelerator PACE Financing program.
The Mayor’s Office of Climate & Environmental Justice and the New York City Energy Efficiency Corporation, acting in its capacity as the NYC Accelerator PACE Program administrator (the “Administrator”), have released significantly updated and enhanced versions of all of the “Core Program Documents.” Updated and redlined versions of the Program Guidelines, Collection Agreement, and Master Lender Agreement can be found on the Program website under the tab entitled “Core Program Documents.” Simultaneously, additional Program Documents, listed under the tab entitled “Ancillary Program Documents”, have also been released.
At this time, all Program Documents required for loan closings of renovation projects of existing buildings are publicly available. The Administrator continues to process loan applications for renovation projects of existing buildings. Loan applications for a project to perform a major renovation or construct a new building, continue to remain ineligible for review at the present time.
Anyone with questions, comments, or concerns regarding this Program Update, or the NYC Accelerator PACE Program in general, is encouraged to contact info@accelerator.nyc.
Previous Program Update: April 2022
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:
For more information, please review the instructions included within the Technical Certification Workbook as well as the recorded demo for more information.
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?
Already a Pre-Qualified Lender?
The NYC Accelerator PACE webpage was last updated November 2, 2022.