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 & 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

Core Program Documents

Find a PACE Lender: View our list of pre-qualified PACE lenders and connect with an NYC Accelerator Financing Specialist to learn more about eligible borrowers and projects. We’ll help you identify and connect with lender(s) that best meets your project goals.
View Lenders

Ancillary Program Documents

Program Update - August 2024

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 Accelerator 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 Accelerator PACE Financing Program in general, is encouraged to contact info@accelerator.nyc.

Previous Program Updates:

May 2023

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.

Retrofit Technical Workbook

New Construction Technical Workbook

Technical Certification v3.0

Technical Guidance Supplement v2.2

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?

The NYC Accelerator PACE webpage was last updated on October 8, 2024.