The Schenectady County Legislature this evening gave the approval for the County to join the Open C-PACE (Commercial Property Assessed Clean Energy) finance program to help commercial property owners invest in energy-efficiency improvements and renewable energy with long term private financing.
“The Open C-PACE program supports sustainable development by offering financing for green energy upgrades on commercial building projects,” said Schenectady County Legislator Gary Hughes, Chair of the Economic Development and Planning Committee. “We are pleased to bring this new and innovative financial tool to Schenectady County to promote green development.”
Eligible commercial, industrial, multi-family housing and mixed-use property owners can now utilize this financing for energy efficiency and renewable energy improvements that can reduce operating costs and provide an environmental benefit to the community. C-PACE provides commercial property owners access to funding for improvements including solar panels, geothermal systems and high efficiency HVAC, LED lighting and other building upgrades, and is available for retrofits and new construction.
C-PACE financing is available for up to 100 percent of the eligible project cost and can be repaid over a term that matches the expected life of the improvements, which could be 20-30 years. PACE financing is a public benefit, authorized by state and local law, which supports sustainable communities.
Schenectady County is partnering with the Energy Improvement Corp. (EIC) to administer the program and connect property owners to approved lenders that can help determine the most cost-effective and energy efficient improvements.
EIC, a non-profit local development corporation, administers the Open C-PACE program on behalf of participating municipalities across New York State.
C-PACE is part of NYSERDA’s Clean Energy Communities initiative, which encourages municipalities to implement clean energy actions that save energy costs, create jobs, and improve the environment.