Program Incentivizes Property Owners To Make Energy Efficient Upgrades Which Provide Savings
FONDA - County Executive Matthew L. Ossenfort announced on Monday that Montgomery County is now the first Energize NY member in the Mohawk Valley. Energize NY Property Assessed Clean Energy (PACE) financing allows commercial building to access long-term, low interest capital for renewable energy and/or energy efficiency improvements. This financing is then repaid on the yearly tax bill. To be eligible for this financing option, the post improvement energy bills and the financing repayment must be less than the pre-improvement energy bills - guaranteeing savings.
"Montgomery County is excited to become the first Energize NY member in the Mohawk Valley," Ossenfort said. "We view this program and financing option as a great tool being made available to businesses and various entities that own buildings in the county and will allow them to upgrade their properties, while becoming more energy efficient."
Energize NY services are immediately available to help building owners in Montgomery County make clean energy improvements. Those improvements include a range of energy efficiency measures, including lighting, insulation and air sealing, heating and cooling systems, smart controls, energy storage and combine heat and power, as well as renewable energy installations, such as solar PV, win, biomass and geothermal.
"Energize NY is an important bridge between our aspirations of much lower gas emissions and the concrete steps needed to achieve that vision," Ossenfort said. "We look forward to working with members of the community on this economic development initiative, in order to help them eliminate energy wasted in their buildings and by encouraging building owners, property owners and businesses to upgrade their properties to create savings."
Clean energy projects make financial sense for most buildings, including commercial, industrial, retail, mixed use, private schools and colleges, agricultural facilities, houses of worship, multi-family and even in some cases single family homes. To be eligible for the program, facilities must be owned by a commercial or non-profit entity.
The Energize NY Finance program uses an innovative form of financing called Property Assessed Clean Energy (PACE) financing, which has been used in 31 states nationwide. Unlike other loan products, Energize NY financing is repaid through an annual charge of the property's tax bill, which automatically transfers to a new owner if the property is sold. The financing is based on the property's ability to save energy, not on traditional credit measurers. All Energize NY financings generate savings to the building owner on day one, with the annual energy savings exceeding the annual cost of the financings.
The Montgomery County Legislature passed a local law this past spring, entering into agreements with Energize NY to participate in the finance program. Montgomery County joins 38 other municipalities in New York State that have signed on with Energize NY, as a means to support their economic development and environmental goals.
Energize NY is funded, in part, through the New York State Energy Research and Development Authority (NYSERDA), and aligns with Governor Cuomo's Reforming the Energy Vision (REV) strategy to build a clean, resilient and affordable energy system for all New Yorkers.
For more information about the Energize NY Finance program in Montgomery County, visit the Energize NY website or contact the Energize NY director at email@example.com or by phone at (914) 302-7300. You may also contact Amanda Bearcroft in the Montgomery County Business Development Center by calling (518) 853-3334.