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, thereâ€™s 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, â€‹putting 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 offerâ€‹ing â€‹solutions 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.
â€œClean energy building upgrades have an important role to play in the new Mayorâ€™s promise to increase affordable housing in NYC, and innovative financing programâ€™s like those offered through the city and stateâ€™s green banks are exactly what New York needs to ensure a greener, cleaner, and more affordable living experience,â€ wrote Susan Leeds, NYCEECâ€™s CEO, in a recent blog post.
â€‹Take the example of â€‹LEEDS highlighted Franklin Plaza, a Mitchell-Lama housing co-op in East Harlem that has taken advantage of the cityâ€™s new energy finance offerings. Franklin Plaza recently closed on the first tranche of its $3.8 million loan through the NYC Housing Development Corporationâ€™s (HDC) Program for Energy Retrofit Loans, a program enabled by HDCâ€™s partnership with NYCEEC. â€‹THis investment will result in measurable environmental benefits: â€‹a 15 percent reduction in energy use, which equals a â€‹30 â€‹percent 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, â€‹covering a range of services and upgrades to improve the performance of a building.
Image credit:Â NYCEEC
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