Energy Improvement Corporation (EIC NY PACE) is New York State’s Designated C-PACE Administrator (outside of New York City)
EIC’s Open C-PACE Program handles all aspects of NY’s PACE administration:
- Project Applications
- Application Review
- Approves C-PACE Capital Providers
- Handling Billing and Collections (on behalf of the municipality)
“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.”
- Provides Standardized Program Documents (see C-PACE Program Documents)
- Provides Consulting Services to local governments and other program administrators
“EIC is available to consult with program administrators and governments in the US and abroad. We also offer our public/private partnership and financial products experience to financial institutions, ratings agencies, and institutional investors.”
EIC’s underwriting criteria include:
- The property owner may not be in bankruptcy and the property may not constitute property subject to any pending bankruptcy proceeding;
- The amount financed under the Program shall be repaid over a term not to exceed the weighted average of the useful life of Renewable Energy Systems and Energy Efficiency Improvements to be installed on the property as determined by EIC;
- The property owner is current in payments on any existing mortgage on the Qualified Property;
- The property owner is current in payments on any real property taxes on the Qualified Property; and
- Such additional criteria, not inconsistent with the criteria set forth above, as the State, (NYSERDA) the Municipality, or EIC acting on its behalf, or other Financing Parties may set from time to time.
Under EIC’s Open C-PACE Program,
- Municipalities adopt a local law and sign an agreement with EIC to make PACE financing available for clean energy projects on commercially owned properties.
- Property owners contact participating capital providers to apply for financing.
- EIC qualifies the project according to Article 5-L and NYSERDA’s C-PACE Guidelines. The property owner enters into a Finance Agreement with the capital provider. Consent from existing mortgage holders is required.
- EIC records the property’s Benefit Assessment Lien in the land records of the municipality. The Benefit Assessment Lien is subordinate to municipal taxes and senior to any other lien on the property.
- EIC administers all billing and collecting of the finance payments directly with the owner of the benefited property. In the case of default, the capital provider will have the right to foreclose, after first paying off any delinquent tax liens on the property.
- EIC supplies the municipality with an Annual Report detailing which properties received financing and the amount of the property’s total benefit assessment and annual installments.
Our Regenerative Financing group provides property owners with origination, representation, and concierge services, and earns a fee for arranging the financing through one of EIC’s approved capital providers. (This fee is included in the project financing, so there is no upfront cost to the property owner.) We also offer free “walk-through” audits for owners of commercial properties of 50,000 square feet or larger, or with energy costs of $100K or more per year.
If you have a project that meets these C-PACE eligibility requirements, we’d like to talk with you. Please contact us today to discuss your needs.