News: Financing Mechanisms
Below you will find recent local and national news concerning the financing mechanisms of energy efficiency. Check back regularly for updates!
What's Happening Locally?
- 11/2010– PACE financing programs have been delayed due to new mortgage guidelines issued by Fannie Mae and Freddie mac. Federal legislation is required to save PACE programs. Learn more...
- 10/2010– TCAction's Weatherization Assistance Program has a short waiting list and is looking for new program participants! The program can provide services such as heating system repair or replacement, domestic hot water heater repair or replacement, insulation and air sealing, installation of ENERGY STAR® refrigerators, improvement of lighting and water system efficiency, and health and safety improvements. Weatherization services are free for income eligible homeowners and renters and low cost for landlords of income eligible renters.
- 5/2010– Albany considers PACE financing legislation: there is strong support for an amendment in the State Senate that would authorize all municipalities to establish tax-lien financing mechanisms for energy retrofits, and there may be forward movement in the Assembly. NYSERDA is working for the legislation, which is also called Property-Assessed Clean Energy (PACE) financing. Letters and resolutions of support are important and there is chance the legislation could pass before the legislative session ends June 21.
- 3/2010– Tompkins Community Action and Town of Dryden have joined forces to offer two programs for residents of Dryden, the Weatherization Assistance Program (which provides up to 6,500 dollars for homeowners) and Assisted Homer Performance program (where improvement costs are split between the homeowner and NYSERDA).
- 1/2010– The Tompkins County Industrial Development Agency voted for sales tax abatement on energy efficiency projects for small business owners and landlords.
- 1/2010– The Energy $mart Loan Programs and Ithaca Neighborhood Housing Services are working with NYSERDA to offer interest rate reductions of up to 4.0% from the normal interest rate of participating lenders normal market rate for a term of up to 10 years. NYSERDA pays the lender a lump sum interest reduction payment by calculating the net present value, discounted at the base interest rate, between the difference of the monthly loan payments at the base interest rate and the discount rate for ten years.
- 11/2009– The Town of Dryden Highway Department and the Dryden Renewable Energy Work Group (DREW) collaborated on an energy audit of the highway department barns. The Town of Dryden Town Board allotted $30,000 to town residents as grants of up to $1,500 for energy efficiency upgrades.
- 6/2009– The Be2 Loan Program of Binghamton, New York is a federally funded sustainable energy loan program. This program can be used for energy efficiency and audits for residential or commercial applicants. The borrower repays the city through a benefit assesment on the water bill. Read more...
What's Happening Nationally?
- 5/2010– Missouri has become the 21st state to adopt Property Assessed Clean Energy (PACE) financing. This policy allows homeowners to pay for solar power systems through municipal loans which are paid back through property taxes. Read more...
- 11/2009– The New York legislature passed the Municipal Green Loans Program. This policy mends general municipal law so that any county, town or village in New York State can create a green loan program and front (a portion or all) of upfront costs for residential energy audits, energy efficiency improvements and solar/wind installations. Read more...
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