The Greater Lockport Development Corporation has announced that commercial and non-profit building owners can now apply for financing to make energy upgrades to their buildings through a new program.
C-PACE (Open C-PACE (Property Assessed Clean Energy) is operated by Energy Improvement Corporation (EIC) and provides long-term financing for energy efficiency and renewable energy projects on commercially owned properties.
Open C-PACE is not a bank loan and differs from traditional financing options:
- Financing is available for up to 100% of the project cost, or can be combined with other financing
- Competitive private financing from EIC-approved capital providers
- Customizable loan terms up to the expected life of the improvement (generally 20-30 years)
- Repayment is secured through a benefit assessment lien that runs with the property
- Projects must comply with NYSERDA’s Commercial PACE Guidelines
PACE financing is a public benefit, authorized through state and local law, which supports more sustainable and economically vibrant communities.