C-PACE as a Financing Tool for Deep Energy Retrofits to Comply with Local Law 97
Recent legislation passed by the New York City Council (Local Law 97) is putting tremendously strict new requirements on commercial buildings (including non-rent controlled multifamily) to reduce energy consumption and greenhouse gas emissions. Commercial Property Assessed Clean Energy (C-PACE) was adopted by the City simultaneously (Local Law 96) to act as a “carrot” for property owners to have a source of funds available to make the necessary capital improvements to meet these requirements. The City is expected to launch its C-PACE program in H2 2020. (More info on the C-PACE ordinance here: https://council.nyc.gov/data/green/) In this sessions we will help attendees understand what C-PACE is, its benefits, and how it can be utilized to provide upfront capital for energy efficiency projects in order to comply with Local Law 97.
AIA 1.0 LU
- Summarize Local Law 97 and what it means for you
- Describe C-PACE and how it works
- Apply for and access financing to complete these required energy efficient improvements
- Use recommended means to finance their energy efficiency projects as required by Local Law 97