Energy efficiency can save a lot of money, but financing property improvements is sometimes a challenge. It’s especially hard to make the math work if you’re thinking of selling your property in the short or medium term, because you may end up paying for an economic benefit that will be enjoyed by the subsequent owner.
Property Assessed Clean Energy (PACE) financing can help by allowing property owners to pay back energy efficiency loans through a charge on their tax bills. Because these charges run with the property, they make certain forms of long-term upgrades more financially attractive, while providing immediate savings on energy bills.
The Energize NY program was established to make PACE financing available in our region. This month, the City Council is likely to join Energize NY, so that property owners here in New Rochelle will be able to participate. For now, the financing will be available only to commercial property owners, but we’ll have a chance to explore residential financing down the road.
New Rochelle’s Sustainability Plan recommended PACE financing as a tool to help reduce our community-wide energy consumption and greenhouse gas emissions. It is good to see this initiative moving forward.