New York City Bets On Energy Efficiency To Boost Sustainability
The world needs to make a transition to renewable energy as part of a global sustainability project, but until solar, wind and other renewablesâ become the norm, thereâs one solution that is availableâ now: energy efficiency. More energy efficient buildings means less energy and fewer emissions, besides huge savings. However, financing projects is not always easy, since payback is not immediate, âputting lenders off.
But New York City is looking at this issue in a different light, thanks to two initiatives. New York City Energy Efficiency Corporation (NYCEEC) and the recently launched New York State green bank are offerâing âsolutions for clean energy financing in New York City and State, respectively. They leverage expertise and financial resources to convert inefficient buildings into clean, high-performing investments. Best of all, they can offer custom-built financing options that are too attractive for building owners to turn down.
âClean energy building upgrades have an important role to play in the new Mayorâs promise to increase affordable housing in NYC, and innovative financing programâs like those offered through the city and stateâs green banks are exactly what New York needs to ensure a greener, cleaner, and more affordable living experience,â wrote Susan Leeds, NYCEECâs CEO, in a recent blog post.
âTake the example of âLEEDS highlighted Franklin Plaza, a Mitchell-Lama housing co-op in East Harlem that has taken advantage of the cityâs new energy finance offerings. Franklin Plaza recently closed on the first tranche of its $3.8 million loan through the NYC Housing Development Corporationâs (HDC) Program for Energy Retrofit Loans, a program enabled by HDCâs partnership with NYCEEC. âTHis investment will result in measurable environmental benefits: âa 15 percent reduction in energy use, which equals a â30 âpercent reduction in carbon emissions.
NYCEEC recently announced $50 million in financing available through a range of products and partnerships. These include equipment loans, mortgage lending, credit enhancements and energy services agreements, âcovering a range of services and upgrades to improve the performance of a building.
Image credit: NYCEEC