Energize NY Finance

Energize NY FinanceSOLARIZE WESTCHESTER

MARK THIELKING/ EXECUTIVE DIRECTOR

SEPTEMBER 4, 2014

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NYS Energy Facts New Yorkers spend $64 billion on

energy annually$35 billion in building sector$21 billion leaves the state$10.5 billion is wasted

Commercial.EnergizeNY.org

The Solution Provide low-cost, long-term financing for

clean energy projects in commercial sector Support property owners and service

providers through the clean energy upgrade process

EICEnergy Improvement Corporation

• Not-for-profit, Local Development Corp.

• Mission to increase Energy Efficiency & Renewable Energy

• Controlled by Member Municipalities across New York State

• Funded by NYSERDA, DOE, revenue from financings

• Serve property owners with four programs• Energize NY Commercial• Energize NY Finance• Energize NY Residential• Solarize Westchester

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Energize NY Finance is NY State’s PACE program “Municipalities would fulfill an important public purpose by

providing financing to property owners for the installation of renewable energy systems & energy efficiency measures.” - Article 5L of the NYS General Municipal Law

NY passed PACE legislation in 2009 Repayments collected by municipality via

tax bill charge Senior lien status

Energize NY FinanceProperty Assessed Clean Energy (PACE)

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Eligible Building Types

Buildings owned by a commercial or not-for-profit entity Healthcare Hospitality Industrial Multifamily

Manufacturing Not-for-profit Office Retail

Eligible Clean Energy Improvements

Efficiency: Lighting, insulation, air sealing, HVAC, chillers, controls, windows, pumps, etc.

Renewable: Solar PV, solar thermal, geothermal, wind, etc.

Benefits of ENY Finance

• Automatically transfers to next property owner

• Aligned with community goals

• Job creation

• Keep dollars local

• Improve building stock

• Meet sustainability goals

• Covers up to 100% of project cost

• Long terms with competitive rates

• Rates at 3.75% - 6.75%

• Terms up to 20 years

• Deeper upgrades

• Positive cash flow

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Municipal RoleMunicipality must join EIC to offer ENY Finance

1. Municipality passes local law establishing program within municipal borders

2. Sign IMA that codifies the tax repayments to be transferred to EIC’s trustee

3. Formally request EIC membership through letter to EIC Board

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CAPITAL FLOW

Municipal Tax Receiver

SpecialTax “Charge” payments

Bond payments

__________

Bond funds

Energize NY Finance offeredto property owner

Bank TrusteeFor Energy

Improvement Corp

10

Energy Improvement Corporation

$

Building within

municipal boundaries

PledgedMunicipal Payments

$Allows for lower cost of

capital

$

$

$


Current Westchester Members

Bedford V Croton-On-Hudson Cortlandt*

◦ V Buchanan

Greenburgh◦ V Ardsley◦ V Dobbs Ferry◦ V Elmsford◦ V Hastings-on-Hudson◦ V Irvington◦ V Tarrytown

Lewisboro New Rochelle North Salem Ossining (Town) Peekskill Pound Ridge Somers White Plains Yorktown

MemberPopulation:**770,000

**Includes Orange County

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*Membership pending

Prospective Members Albany (County)

Binghamton (City)

Buffalo (City)

Dutchess (County)

Erie (County)

Mamaroneck (Town)

Mount Kisco (Village)

Mount Vernon (City)

Onondaga (County)

Poughkeepsie (City)

Putnam (County)

Rockland (County)

Rensselaer (County)

Rye (Town)

Saratoga (County)

Syracuse (City)

Suffolk (County)

Troy (City)

Ulster (County)

The Westchester ProjectFederal Qualified Energy Conservation Bonds (QECBs)

Westchester County allocated special one time “QECB” bonding authority to EIC

Affordable multifamily housing & not-for-profits clean energy upgrades

Federally subsidized interest rates (3% - 4%)

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The Westchester ProjectFederal Qualified Energy Conservation Bonds (QECBs) Limited time opportunity

First come, first served beginning January 16, 2015

$4 – $8 million in allocations

EIC Member Municipality location

14 affordable housing, 24 not-for-profit QECB eligible projects in the pipeline

$8.6 million 14energizeny.org

Environmental Goals Mid Hudson Region Sustainability Plan: Section ES-13

“Our plan for energy is to… Become radically less energy and fossil fuel intensive while strengthening the regional economy… To achieve these objectives, as the highest priority, we must: Create community energy districts… develop innovative project, financing, and policy models.”

Goals of Energize NY Finance directly align with municipal goals to:

Support healthier, livable communities

Improve building stock

Reduce GHG emissions and particulate pollution.

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Let’s Get Started

1. 50+ Projects, $20mm+ already in process

2. IF NOT in a EIC Member Town/Village/City: Send letter to Municipal Leaders to request membership

3. IF already in a EIC Member Town/Village/City: Spread the word about Energize NY!

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Energize NY

Mark Thielking: [email protected]

(914) 302-7300


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Energize NY Finance

Environment

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