Open Commercial Property Assessed Clean Energy (Open C-PACE)

EIC PACE LogoThe City of Rochester Open C-PACE (Property Assessed Clean Energy) Financing program helps the owners of  qualified commercial and industrial properties secure loans to cover the cost of renewable energy projects and energy efficiency upgrades.

Open C-PACE loans are administered by the Energy Improvement Corporation (EIC), a State-wide non-profit development corporation. 

The City of Rochester established the Open C-Pace program while participating in the NYSERDA Clean Energy Communities program which has identified Open C-PACE as a high impact action item.

Benefits of Open C-PACE

Energy efficiency improvements and the development of renewable energy systems can improve properties, lower operating costs and reduce greenhouse gas emissions.

Open C-PACE financing is a public benefit authorized by state and local law. Private financing is channeled to owners and developers of commercial, industrial, non-profit and multi-family housing projects to make energy upgrades to their facilities or build new construction to higher energy standards.

Eligibility

To be an eligible property, the owner may be either a for profit or not for profit organization. The property owner must be current in mortgage payments and real property taxes, and code compliant.

Eligible improvements are qualified by the EIC according to NYSERDA Open C-PACE guidelines. Examples of eligible improvements include HVAC, chillers, lighting, boiler conversions, furnace upgrades, insulation, windows and smart energy controls. Eligible renewable projects include development of solar, solar thermal, energy storage, ground and air source heat pumps, wind and wood heat.

Loan amounts and terms are flexible and are determined on a project specific basis. Financing for up to 100% of the eligible energy project cost, including administrative and programmatic costs, is available. The term of repayment will be based on the useful life of the improvements. 

Application

Preliminary applications for the program are available on the EIC web site https://www.eicpace.org/

Partner Roles and Approval Process

City staff will market the program, make referrals to EIC and work with prospective borrowers on applications. 

EIC is responsible for reviewing all applications and determining that the project complies with guidelines. EIC has an approved list of capital providers for the program and will refer approved applicants to the funders.

 After approval by the EIC and the funder, the property owner and the capital provider will enter into a Finance Agreement. EIC will be involved in ongoing program administration including securing the loan repayment, billing the property owner, collecting the re-payments and remitting them to the funders.

Questions?

If you have additional questions, please email Karen Altman at the Division of Environmental Quality.