The New York State Energy Research and Development Authority (NYSERDA) launched its Green Jobs/Green NY Financing Program earlier in 2011. Designed to assist multifamily buildings with implementing energy efficient upgrades, the program works alongside NYSERDA’s Multifamily Performance Program (MPP). Buildings must complete an Energy Reduction Plan (ERP) through the MPP, which identifies cost-effective energy efficiency improvements that reduce the building’s energy use by 15%.
After approval of the ERP buildings are eligible for Green Jobs/Green NY Financing. NYSERDA advances 50% of the principal of the loan to support installation of the identified improvements, up to $500,000 at an interest rate of 0%. Buildings are eligible whether or not they elect to implement measures to achieve the 15% savings identified in the ERP. They can drop out of the program after ERP approval and can choose to implement only select measures. Buildings can work with a commercial lender of their choosing, and most lenders in NY are eligible to offer loans through Green Jobs/Green NY.
As a designated Multifamily Performance Program Partner, EIS can help your building navigate the MPP program to unlock this attractive financing option. Call EIS today at 212-966-6641 to find out more about NYSERDA financing and incentives available for multifamily buildimgs.