State funds for Auburn businesses to make energy efficiency improvements
Auburn, New York – On August 11, the Auburn City Council will hold a public hearing meeting on whether to sign up for a state program that would provide money for businesses to make energy efficiency improvements.
EIC Open C-PACE is a program administered by the state Energy Improvement Corporation. The program differs from traditional bank loans.
• Financing is available for up to 100% of the project cost or can be combined with other financings.
• Competitive private financing from EIC-approved capital provider
• Customizable loan terms up to the expected life of the improvement(s) (generally 20-30 years)
• Benefit assessment lien is subordinate to municipal taxes and senior to other liens (consent from mortgage holder is required)
• Automatically transfers to new owner upon sale of property
• Available for energy efficiency and renewable energy measures (Projects are qualified according to NYSERDA’s C-PACE Guidelines)
According to Auburn City Clerk Chuck Mason, the first step for the city to participate in the program is to put the necessary language into the city code.