Background Statement 

The fossil fuels that cool, heat, and power our buildings are responsible for around 70% of NYC’s carbon emissions. The City plans to address these emissions and make New York carbon neutral by 2050. To achieve this goal, NYC introduced Local Law 97 (LL97)

The smartest way to finance building upgrades to help achieve these goals  is CPACE for energy efficient upgrades and deferred maintenance

C-PACE in brief

• C-PACE is a public-private partnership enabled by state law and county/municipal ordinance. The program is designed to help commercial building owners invest in energy-efficient upgrades for their property while seeing day-one savings.
• Funding is provided by private capital providers and repaid through a voluntary, non-accelerating property tax assessment over long terms (typically 20+ years).

Benefits

• 100% upfront
• Preserve capital expenditure using C-PACE financing to replace old equipment
• Improve building value by dropping operating expense and improving building equipment
• Tax assessment structure may allow pass-through on NNN leases and room surcharge
• Transparent, rapid approval process

Eligible measures

• Boilers, chillers and furnaces Automated building controls HVAC systems
• Hot water heating systems Variable speed drives
• Water conservation Resiliency
• Building envelope High efficiency lighting

A dedicated M1 Capital team representative is ready to assist with all aspects of a C-PACE financed project!