New York City’s C-PACE (Commercial Property Assessed Clean Energy) program, aimed at providing low-rate financing for eco-friendly building upgrades, may get a boost thanks to new state guidance. Launched in 2019, C-PACE has only completed three projects due to restrictive rules and bureaucratic hurdles. Changes expected this year could waive cost-benefit ratios for electric projects and ease retrofits, potentially increasing submissions in the second half of 2024. Despite past frustrations, stakeholders are optimistic about the program’s revival, which could help NYC meet greenhouse gas emission limits set by Local Law 97.
New York City’s C-PACE
