The Auburn City Council will hold a public hearing at its August 11 meeting on whether to sign up for a state program that would provide money for businesses to make energy efficiency improvements.
State program provides flexible loans for energy efficiency upgrades
EIC Open C-PACE is a program administered by the state Energy Improvement Corporation. The program differs from traditional bank loans.
- Financing is available for up to 100% of the project cost, or can be combined with other financing.
• Competitive private financing from EIC-approved capital providers
• Customizable loan terms up to the expected life of the improvement(s) (generally 20-30 years)
• Benefit assessment lien is subordinate to municipal taxes and senior to other liens (consent from mortgage holder is required)
• Automatically transfers to new owner upon sale of property
• Available for energy efficiency and renewable energy measures (Projects are qualified according to NYSERDA’s C-PACE Guidelines)
Auburn City Clerk Chuck Mason says the first step for the city to participate in the program is to put the necessary language into the city code.
Related: How to save money amid skyrocketing home energy costs? (video)
Auburn Community Hospital could use program funding for HVAC project
Mason says one business already poised to take advantage of the program is Auburn Community Hospital, which plans a $5 million dollar HVAC upgrade.
EIC City of Auburn 7.28 by Ted Baker on Scribd
Listen to my full Inside the FLX conversation with Auburn City Clerk Chuck Mason below.
Related: Auburn Community Hospital will have new $9.5M cancer treatment center: When will it be complete?