GEC Finance/Original Energy can help you get your energy project financed. We offer energy project financing options and solutions customized to meet the specific needs of property owners and generate the best ROI possible.
Project Financing Available-Maximize your investment
Many building owners are attracted to new energy technologies to lower costs and improve efficiencies. Original Energy’s GEC Finance company offers complete project financing that produce a 2-5 year pay back. Energy project loans range from $50,000 – $1,000,000, and payments can be sourced from new energy project savings.
NYSERDA Multi-Family Performance Program
NYSERDA offers funds to reduce the cost of energy audits and retro-commission projects. The NYSERDA Multi-Family Performance Program calculates funding based primarily upon the property’s number of residential units, with adjustments for fuels used and classification of the type of units (affordable or market).
Con Edison Commercial & Industrial Energy Efficiency Program Overview
Con Edison commercial & industrial customers save energy and money by offering cash rebates and incentives for installing efficient electric and gas equipment, and technical studies. Rebates are offered for upgrading equipment and performance-based custom incentives for installing high-efficiency equipment or energy saving solutions. This program offers payment of up to 50% of energy costs, with a cap of $67,000, for an energy-efficiency technical study evaluating energy use and offering recommendations on steps to increase gas and electric efficiency.
Minimum Balance: $50,000/property
Maximum Balance: $1,000,000/property; $3,000,000/borrower or group of related borrowers
Term: 2-5 years, fully amortizing
Interest Rate: Competitive rates based on project scope.
Origination Points: 2-4%
Prepayment: Permitted after 3 years, prior to that permitted subject to a penalty.
Maximum Underlying LTV: 75
Maximum Project Cost/Value: 10
Eligible Property Types:
Properties must be fully constructed. Properties located more than 200 miles from New York City, are considered on an exception basis.
Ineligible Property Type:
Properties owned by government entities (e.g. public schools, police/fire stations, official buildings). Government tenants in privately-owned properties will be considered on an exception basis. Properties undergoing major reconstructions or structural repairs not permitted.
Eligible Energy Efficiency Project Types:
Ineligible Project Types:
Any project that does not result in energy generation, or a measurable savings in energy consumption or water use. Screw-in CFL light bulbs, temporary equipment that can be easily removed (e.g. plug load devices), power conditioning, refrigerant charge.
Savings to Investment Ratio:
All projects must produce a Savings to Investment Ratio (SIR) greater than 1.0, after giving effect to any rebates, or incentives available to offset the cost of the project.
Current with Attorney General.
Not more than 50% of the property can be used as commercial space. All units and facilities in the project must be 100% complete. A maximum of 50% of the units may be owned by the sponsor.
Mortgage Holder Consent:
Mortgage Holder consent to the placement of a lien must be sought. If consent cannot be obtained, loan may be approved on an unsecured basis on adjusted terms, including, but not limited to, a higher interest rate.
Sponsor Guaranties may be required, and customary bad-boy carve-outs will be required on non-recourse loans.
Energy Savings Insurance:
Third-party ESI will be considered on a case by case basis in assessing the SIR.
Only contractors approved by GEC Finance will be allowed to execute the project.
For Additional Information:
Call GEC Finance at (914) 847-0356
Fax: (914) 610-3587
Note: This is only a summary of certain key program parameters. Detailed program underwriting criteria include additional parameters, conditions and requirements. Loan applications will be approved by the GEC Finance in its sole discretion. This document has been prepared for discussion purposes only, and does not constitute a commitment by GEC Finance to make a loan to any prospective applicant. All of the terms contained herein are subject to change without notice.
To learn more about financing solutions contact us today!