Following a public hearing, the Legislature, by a 12-1 vote, approved a new Local Law to establish a sustainable energy loan program in Tompkins County. The program will provide property assessed clean energy (PACE) financing for local energy-related improvement projects by implementing the Energize NY Benefit Financing Program, as authorized under State law. The Legislature also, without dissent, authorized the County Administrator to enter into a municipal agreement on behalf of the County with the Energy Improvement Corporation to implement and administer the program. (Legislator Carol Chock was excused.)
The PACE program offers low-cost long-term financing for energy efficiency and renewable energy projects, supporting up to the entire project cost, for existing properties owned by a commercial or not-for-profit entity, with repayments collected by the municipality through a charge on the tax bill. While commercially owned multi-family residential properties are among the types covered, non-commercial residential properties are not, due to federal objections to PACE financing for properties with potential to qualify for federally subsidized mortgage loans. Read more.
Get the monthly "PACE Market Updates" newsletter
Join our list of over 5,500 insiders and receive the latest news and updates on the PACE market -- delivered to your email.