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
- Does My Building Qualify?
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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
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- Program Guidelines Version 2.2
- Revision History: Redline of Program Guidelines v2.1
- Program Fee Schedule
- Master Lender Agreement Version 2.1
- Revision History: Redline of Master Lender Agreement v2.0
- PACE Charge Collection Agreement Version 2.0
- Revision History: Redline of PACE Charge Collection Agreement v1.0
- Mortgage Lender Consent Form Version 2.0
- Program Guidelines Version 2.2
- Find a PACE Lender
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Find a lender that is pre-qualified to provide loans for all eligible commercial and multifamily properties through the NYC Accelerator PACE Financing program.
- Program Update - September 2022
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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
- Technical Certification
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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.