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
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Energy Improvement Corporation
$
Building within
municipal boundaries
PledgedMunicipal Payments
$Allows for lower cost of
capital
$
$
$
Commercial.EnergizeNY.org
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
Commercial.EnergizeNY.org
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