Many buildings will be able to convert to a cleaner fuel with relatively minor upfront cost, while others may incur more significant costs. There are several considerations that may dictate whether financing is needed and, if so, what financing is available.
Click here to download a conversion financing guide to learn more.
Below, please find a list of resources that currently offer financing products that may be able to help your building convert from heavy oil to one of the cleanest fuels.
Barrett Capital Corporation is a New York City-based specialty finance company that provides mortgage, lease, term secured, performance contract and shared savings agreement financing of boiler conversions and other energy efficiency projects, including upgrades and retrofits. Barrett Capital finances both commercial and residential buildings, specializing in multi-family properties, cooperative housing corporations, commercial and residential condominiums. To contact Barrett Capital, call 917.434.3000 or email email@example.com.
Boro Energy is a division of Boro Fuel Corporation, a Brooklyn-based business that performs over 125 heating oil conversions each year. Boro Energy offers financing for conversions from heavy oil to natural gas and ultra-low sulfur 2 oil (ULS 2). With experience performing and financing conversions in multifamily buildings, Boro Energy offers a variety of financing options, including up to $60,000 of financing per property for credit-qualified buildings. To learn more, contact Boro Energy by emailing Jeffery Cohn at firstname.lastname@example.org or call 718.854.7500.
Community Preservation Corporation
The Community Preservation Corporation (CPC) is a not-for-profit mortgage lender that finances residential multifamily development throughout New York. CPC’s Green Financing Initiative is a one stop shop for affordable housing retrofits through refinancing, which can include fuel conversions. To contact the Community Preservation Corporation for financing products in the Bronx or northern Manhattan, contact Andrew Giglio at 718.601.6600 ext. 121 or by email at email@example.com. For financing products in southern Manhattan, Brooklyn, Queens, and Staten Island, contact Robert Riggs at 212.869.5300 ext. 222 or by email at firstname.lastname@example.org.
GSG Energy Finance
GSG Energy Finance is a division of Graphic Savings Group, LLC (GSG Leasing), offering capital and operating leases to help owners of commercial and multi-family buildings achieve lower energy costs while reducing their energy consumption, supporting the local economy, and decreasing their carbon footprint. GSG offers financing for heating oil conversions to ultra-low sulfur 2 oil (ULS 2). biodiesel, and natural gas. By working with mechanical contractors on fuel conversions and heating system replacements, GSG Energy Finance builds energy cost savings, incentives and tax benefits into financing models so the building owner sees net positive cash flow early in the life of the equipment. To learn more, contact Robert Kimmich at email@example.com or call 718.243.2243, ext. 115.
Hess Energy Solutions
Hess Energy Solutions is a division of Hess Corporation – a leading supplier of electricity, natural gas, fuel oil, and green solutions to commercial, residential, industrial, and wholesale customers. Hess Energy Solutions offers a full range of services to help customers through the fuel conversion process. Services may include on-bill financing that allows buildings to convert from heavy oil to natural gas with little or no out of pocket costs, and also competitive pricing to convert to cleaner heating oil. To contact Hess Energy Solutions, call 1.800.223.1535 or email SolutionSales@hess.com.
M-Core Credit Corporation
M-Core Credit Corporation (M-Core) specializes in financing energy savings projects. M-Core provides equipment leasing and financing with experience in financing energy retrofits to cooperatives, condominiums, rental, and commercial buildings. M-Core’s Energy Retrofit Financing program includes financing fuel conversions and providing NYSERDA Green Jobs Green NY reduced rate loans. To contact M-Core, call 845.369.8777 or email firstname.lastname@example.org.
New York City Energy Efficiency Corporation
New York City Energy Efficiency Corporation is a 501(C)(3) not for profit corporation created to support NYC’s energy and climate action goals by catalyzing an energy efficiency retrofit and fuel conversion financing market for private building owners. NYCEEC offers loans directly to building owners or provides credit enhancement to a lender to finance fuel conversion related work and equipment for buildings in the City’s five boroughs that are subject to Local Law 43 requirements. For information on financing boiler conversions, call 212-312-3795 or contact email@example.com.
New York City Housing Development Corporation (HDC)
The New York City Housing Development Corporation (HDC) is a public benefit corporation created by the New York State Legislature to provide financing for multi-family affordable housing. In partnership with the New York City Energy Efficiency Corporation, HDC is launching the Energy Retrofit Loan Program (ERLP) in Fall 2012. The $17,500,000 program shall provide financing for energy efficiency improvements and fuel conversions for multi-family properties currently in HDC and HPD's portfolio. Please contact Diana Glanternik at firstname.lastname@example.org for more information.
New York State Energy Research and Development Authority (NYSERDA)
NYSERDA is a is a public benefit corporation that aims to help New York meet its energy goals: reducing energy consumption, promoting the use of renewable energy sources, and protecting the environment. To help building developers, owners and managers can take advantage of NYSERDA’s Multifamily Performance Program. NYSERDA offers a unique opportunity to obtain low-interest financing for energy-saving building and renovation projects through private commercial lenders. NYSERDA provides lenders up to 50 percent of the principal borrowed, to a maximum of $5,000 per unit or $500,000 per energy-saving project, at 0% interest rate. This innovative arrangement benefits both borrowers, who thus enjoy interest rates at about half the market rate for loans up to $1 million, and lenders, who can open new relationships at reduced risk. For information, visit the Multifamily Performance Program website, email MultifamilyPrograms@nyserda.org, or call 1-877-NY-SMART (1.877.697.6278).
NYC Clean Heat continues to update this list as more financing products become available. The City is accepting responses to the NYC Clean Heat RFQ for currently available financing products on a rolling basis. Click here to find the RFQ description in the City Record by following the steps to create an account. Once created, users can download the full RFQ description.
To answer questions regarding the RFQ or to learn more about financing options for conversions, contact NYC Clean Heat.