NEW ROCHELLE, N.Y. -- Energize New York is coming to New Rochelle.
Mayor Noam Bramson announced that the City Council is likely to join the initiative this month. The move will be available to commercial property owners, but "we’ll have a chance to explore residential financing down the road," according to Bramson.
"Energy efficiency can save a lot of money, but financing property improvements is sometimes a challenge," Bramson wrote in a release. "It’s especially hard to make the math work if you’re thinking of selling your property in the short or medium term, because you may end up paying for an economic benefit that will be enjoyed by the subsequent owner."
Property Assessed Clean Energy (PACE) financing allows property owners to pay back energy efficiency loans through a charge on their tax bills. The Energize NY program was established to make PACE financing available in the state.
"New Rochelle’s Sustainability Plan recommended PACE financing as a tool to help reduce our community-wide energy consumption and greenhouse gas emissions," according to the release. "It is good to see this initiative moving forward."