NYC Clean Heat has transitioned into the NYC Retrofit Accelerator, New York City's new one-stop resource for energy and water efficiency. Learn more at www.nyc.gov/retrofitaccelerator
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. Additional information on financing resources for a wide range of energy and water upgrades is available on the NYC Retrofit Accelerator's Resources page, or contact the NYC Retrofit Accelerator directly to learn more.
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 firstname.lastname@example.org.
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 email@example.com 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 New York City (five boroughs), contact Andrew Giglio at 212.869.5300 ext. 121 or by email at firstname.lastname@example.org. You can also contact Robert Riggs at 212.869.5300 ext. 222 or by email at email@example.com.
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, solar thermal, 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 firstname.lastname@example.org or call 718.243.2243, ext. 115.
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 email@example.com.
New York City Energy Efficiency Corporation
As a non-profit financial services firm, New York City Energy Efficiency Corporation provides loans for clean energy projects to help building owners save money, improve building performance and reduce pollution. Our team of financial experts and engineers work together with clients to customize and structure loans that meet their needs. We finance energy efficiency, cogeneration, renewables, demand response and fuel conversions, as well as project-related soft costs, such as engineering surveys and training.
Contact us to see how we can help you: Posie Constable, Director, Business Development, firstname.lastname@example.org, 646-797-4615.
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 launched the Program for Energy Retrofit Loans (PERL) 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 email@example.com for more information.
New York State Energy Research and Development Authority (NYSERDA)
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. NYSERDA offers a portfolio of programs for owners, facility managers, developers and condo/co-op boards of multifamily buildings with five or more units in New York State. NYSERDA’s programs make it easier to assess, implement, and measure energy efficiency upgrades that improve building performance and save money. For information, visit the Multifamily Performance Program , email MultifamilyPrograms@nyserda.org, or call 1-877-NY-SMART (1-877-697-6278).