Green Jobs & Commercial Building Improvements
We have way too many old, run-down buildings in this town. No one takes care of them, then these eyesores hurt the property values of the buildings around them and ultimately lead to creeping blight.
Encouraging building-owners to improve their properties is one of my key initiatives. We need ways to encourage building-owners to upgrade their buildings, employ people in their upkeep, and roll-back the creeping blight.
That's why I championed the adoption of PACE: Property-Assessed Clean Energy.
PACE is a federal program which aims to improve buildings and bring jobs to neighborhoods.
Technically speaking, PACE brings private banks together with local commercial building owners to help them improve their buildings. It facilitates low-interest loans to qualified buildings-owners to help them make cash-flow positive energy-enhancements, such as insulation, windows, solar, and much more.
It is not a hand-out. It is a legitimate loan from a private bank to commercial building-owner who pays their taxes. Owners with a history of tax problems or bankruptcies are disqualified. They may borrow up to 10% of the assessed value of the building for 10-15 years. The loan is paid back annually through a tax-line on the building-owners county tax bill. Most importantly, the debt service on the loan must be less than the cost of the energy upgrades, thus making PACE loans a cash flow positive from day one.
MARCH 2018 UPDATE: I pass legislation now making it possible to finance up to 30% of the assessed value and that can be applied to shared projects, such as shared solar and/or wind.
Once a building-owner enters into a PACE loan, they'll need the help of local contractors to make building improvements. Thus, PACE will bring energy-related jobs to Broome County.
For more information about PACE, please visit Southern Tier Solar Works.
Encouraging building-owners to improve their properties is one of my key initiatives. We need ways to encourage building-owners to upgrade their buildings, employ people in their upkeep, and roll-back the creeping blight.
That's why I championed the adoption of PACE: Property-Assessed Clean Energy.
PACE is a federal program which aims to improve buildings and bring jobs to neighborhoods.
Technically speaking, PACE brings private banks together with local commercial building owners to help them improve their buildings. It facilitates low-interest loans to qualified buildings-owners to help them make cash-flow positive energy-enhancements, such as insulation, windows, solar, and much more.
It is not a hand-out. It is a legitimate loan from a private bank to commercial building-owner who pays their taxes. Owners with a history of tax problems or bankruptcies are disqualified. They may borrow up to 10% of the assessed value of the building for 10-15 years. The loan is paid back annually through a tax-line on the building-owners county tax bill. Most importantly, the debt service on the loan must be less than the cost of the energy upgrades, thus making PACE loans a cash flow positive from day one.
MARCH 2018 UPDATE: I pass legislation now making it possible to finance up to 30% of the assessed value and that can be applied to shared projects, such as shared solar and/or wind.
Once a building-owner enters into a PACE loan, they'll need the help of local contractors to make building improvements. Thus, PACE will bring energy-related jobs to Broome County.
For more information about PACE, please visit Southern Tier Solar Works.
County Executive, Jason Garnar, and myself at the PACE Launch Press Conference, March 21, 2017
PACE is a good example of bi-partisan cooperation.
County Executive, Jason Garnar, and myself started working together on this project nearly 2 years ago. It required a lot of work to get the legal language correct and a lot of discussions with other officials to get everyone on-board, but in the end, the Broome County Legislature approved it unanimously. That's because we worked with EVERYONE to get it right.
Now that PACE has launched, we're working with the Broome Country Chamber of Commerce to help connect local building owners with NYSERDA engineers to make energy-saving / money-saving suggestions.
County Executive, Jason Garnar, and myself started working together on this project nearly 2 years ago. It required a lot of work to get the legal language correct and a lot of discussions with other officials to get everyone on-board, but in the end, the Broome County Legislature approved it unanimously. That's because we worked with EVERYONE to get it right.
Now that PACE has launched, we're working with the Broome Country Chamber of Commerce to help connect local building owners with NYSERDA engineers to make energy-saving / money-saving suggestions.
Recent New Coverage:
Press and Sun Bulletin:
Energize: Energy Financing Program benefits businesses:
http://www.pressconnects.com/story/money/2016/10/26/energize-energy-financing-program-benefits-businesses/92764314/
WBNG (CBS):
Broome County announces clean energy finance program:
http://www.wbng.com/news/local/Broome-County-announces-clean-energy-finance-program-398762751.html
Fox 40:
Broome County introduces renewable energy loan program:
http://www.wicz.com/story/33488926/broome-county-introduces-renewable-energy-loan-program
Newschannel 34 (ABC/NBC):
Broome County offers finance program for business energy upgrades:
http://www.binghamtonhomepage.com/news/local-news/broome-county-offers-finance-program-for-business-energy-upgrades
Press and Sun Bulletin:
Energize: Energy Financing Program benefits businesses:
http://www.pressconnects.com/story/money/2016/10/26/energize-energy-financing-program-benefits-businesses/92764314/
WBNG (CBS):
Broome County announces clean energy finance program:
http://www.wbng.com/news/local/Broome-County-announces-clean-energy-finance-program-398762751.html
Fox 40:
Broome County introduces renewable energy loan program:
http://www.wicz.com/story/33488926/broome-county-introduces-renewable-energy-loan-program
Newschannel 34 (ABC/NBC):
Broome County offers finance program for business energy upgrades:
http://www.binghamtonhomepage.com/news/local-news/broome-county-offers-finance-program-for-business-energy-upgrades