OPEN C-PACE

EIC Open C-PACE (Property Assessed Clean Energy) is operated by Energy Improvement Corporation (EIC) and provides long-term alternative financing to fund clean energy projects in commercially owned buildings. Open C-PACE is not a bank loan and differs from traditional financing options because:

• 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

• repayment is secured through a benefit assessment lien that is subordinate to municipal taxes

• financing automatically transfers to a new owner if the property is sold

• projects must comply with NY State Article 5-L (NY’s PACE law) and NYSERDA's Commercial PACE Guidance Document

 

MUNICIPALITY’S ROLE IN OFFERING ENERGIZE NY Open C-PACE
To enable Open C-PACE, municipalities pass a local law and sign an EIC municipal agreement. EIC bills the property owner and directs them to remit the funds to the capital provider, removing any collection obligation from the municipality. As the program administrator, EIC will review and approve each financing, ensuring it conforms with the enabling legislation and NYSERDA C-PACE guidelines.