NYC Accelerator PACE Financing

English Dutch French German Italian Portuguese Russian Spanish

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 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
  • Allows for retroactive financing up to three years after improvements are completed (no earlier than 5/19/2019)
  • 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
  • Non-profit organizations, including religious institutions
  • Residential condos owned by commercial entities
  • Properties with no outstanding taxes, civil penalties, or other debts to NYC
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.

Download Technical Workbook

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.

View Lenders

Program Update - April 2022  
 

The Mayor’s Office of Climate and Environmental Justice and the New York City Energy Efficiency Corporation, acting in its capacity as the NYC Accelerator PACE Program administrator (Administrator), have withdrawn the 2.0 version of the Program Guidelines posted on March 4, 2022 (v2.0) and are replacing it with a revised version 2.1. The next phase of implementation includes finalizing the remaining Program Documents. This will be followed by the issuance of Program Guidelines version 3.0, which will address new construction and leasehold interests.

At this time, the Administrator intends to resume its review of loan applications for renovation projects of existing buildings pursuant to the Program Guidelines version 2.1. Any loan application for a project to construct a new building, including a loan application submitted prior to the issuance of the 2.0 Program Guidelines, is not eligible for review at the present time and will be rejected.

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.