New York State's Climate Act pushes commercial buildings across the state to prioritize energy efficiency and decarbonization. Outdated infrastructure and energy systems result in excessive energy consumption, soaring utility bills, and shrinking profit margins due to increased operational costs.
Keeping profitability, cost-effectiveness, environmental consciousness, and energy efficiency at the forefront, existing commercial properties statewide stand to benefit immensely from green retrofitting.
However, by tapping into one of the many available low-cost green financing opportunities, businesses can embark on energy-efficient upgrades encompassing many areas, including lighting systems, insulation, ventilation, heating, and air conditioning (HVAC) cost-effectively.
At EnerYields, we are here to help you unlock millions of dollars in rebates, grants, and other below-market green funding opportunities in New York state, which can otherwise be hard to find.
Our expert team specializes in identifying the most suitable funding strategy, assisting with application procedures, and providing comprehensive support to ensure your project's success. Connect with us to learn how the process works!
Options for NY State Funding For Green Projects
Commercial properties in New York State can get access to multiple green funding programs designed to incentivize and support energy-efficient upgrades, making it profitable for commercial property owners to make energy improvements in their buildings. Some of the different available options are introduced below.
Most electric and gas utility companies in New York State offer incentive programs that promote energy-efficient improvements. These programs cut down the costs of installing LED lighting and controls, energy-efficient HVAC equipment, energy star-rated appliances, and many more.
Federal Tax Incentives
In addition to state-level funding, commercial property owners in New York State can also benefit from federal tax incentives for energy efficiency and renewable energy in their properties. These federal tax incentives could be in the form of property or corporate tax abatement, deductions, credits, and accelerated depreciation.
New York State ranks 3rd nationwide for policy, financing, and technical support to promote energy efficiency in buildings. The state offers financial incentives in the form of a variety of grants through NYSERDA to support energy-efficient retrofit projects. These grants cover a range of projects focusing on decarbonization, including lighting upgrades, HVAC improvements, renewable energy installations, and more.
New York state has passed legislation enabling Property Assessed Clean Energy (PACE) funding for commercial and multifamily properties. PACE financing is a unique option allowing property owners to finance energy-efficient mortgage through property taxes. PACE financing offers competitive terms and flexible repayment options. PACE is administered by NYCEEC in New York City and Energy Improvement Corporation across participating municipalities in the rest of the state.
Energy Performance Contracts
For large extensive projects targeting multiple system upgrades or portfolio-wide solutions, NY building owners can also tap into ESPC. Through energy performance contracts, businesses can partner with one of the many energy service companies (ESCOs) to implement and manage energy-saving or renewable measures without upfront costs. The ESCO covers the project costs and is repaid from the energy savings generated.
Navigating the various funding options can be complex. But, with the guidance of experts in the field, you can identify the most suitable avenues for your specific commercial retrofit project. These funding opportunities not only make energy-efficient upgrades more accessible but also contribute to a more sustainable future for your business and the environment.
Set up a consultation so our experienced professionals can:
assess your property's needs,
identify eligible funding options,
and tailor a strategic plan that aligns with your sustainability and profitability objectives.
We'll streamline the application process, ensuring that you meet all requirements and submit a compelling proposal that stands out to funding agencies. Consider us if you're applying for:
Tax Credit Financing,
Tax Incentives, and more.
Get in touch with us or learn more about our services here.