PACE Financing Available
PSEG Long Island provides various opportunities for our customers to purchase energy efficient technologies. Many of these reduce energy consumption, enhance comfort, and improve indoor air quality for your customers. Energize NY PACE Finance is an effective financing approach that complements PSEG Long Island’s Energy Efficiency and Renewables incentive programs.
PACE enables owners of commercial, industrial and non-profit properties to obtain low-cost, long-term financing for energy efficiency improvements and solar generation installations and retrofits.
Eligibility for PACE financing is not dependent upon a property owner’s credit scores, but rather is based on the value of the property and the potential energy savings of the project. Financing is available for up to 100% of the project cost, with no required upfront payment by the owner, and for flexible terms up to 20 years. PACE financings are repaid through an annual charge that is collected on the property’s tax bill, like other municipally provided improvements like sewer, water, and sidewalks, which transfer to a new owner if the property is sold.
Improvements financed with PACE generate positive cash flow and if the property is sold before the full amount is repaid, the repayment obligation automatically transfers to the next owner. Simple, streamlined application and disbursement.