New York
New York City Energy Efficiency
GREEN BANK FEATURES
Bank Model
Private/Non-Profit
Bank Scope
Local
Year Est.
2010
Political Landscape
Democratic-Divided Government
Initial Funding
Federal Grant
New Instit.
501(c)(3) organization that launched in 2010 by the New York City Mayor’s Office of Sustainability, making it the first local green bank in the United States. Received initial funding in Oct 2010 from the federal grants from the 2009 American Recovery and Reinvestment Act (ARRA).
Yes
Implement. Process?
Reporting
More Info
- NYCEEC loans help buildings invest in energy efficiency and clean energy to save money, improve the environment and build sustainable communities. They partner with financial institutions like Bank of America, Deutsche Bank, Fannie Mae, Enterprise, CDFIs and affordable housing agencies to build green financing markets.
- They will finance energy efficiency and clean energy projects in buildings located in New York, Connecticut, Massachusetts, Delaware, New Jersey, Maryland, Pennsylvania, Rhode Island, and Washington D.C. While there are other local green banks like the Montgomery County Green Bank and DC Green Bank, NYCEEC is the only local green bank that received its initial capitalization from a municipal government.
- The ARRA was issued by the U.S. Congress as an economic stimulus package after the 2008 financial crisis. Part of the ARRA was the Energy Efficiency and Conservation Block Grant (EECBG) program administered by the US Department of Energy (DOE) and granted to cities like New York, among other entities. At a time when job creation for economic recovery was vital, the EECBG provided a path for cities to develop energy conservation projects that would help businesses and residents save money while supporting construction-related jobs. When the ARRA and EECBG were issued in 2009, the City of New York applied to use the funding to create NYCEEC as a non-profit corporation. In 2010, NYC was awarded an EECBG grant of USD16.1 million dollars and over half (USD21.4 million) of a USD 40 million joint federal grant between NYC and the New York State Energy and Research Development Authority (NYSERDA). Both of these federal grants were used to capitalize NYCEEC. To reach more on this case study reference this report.
Finances Multifamily, Commercial and Industrial buildings. for energy efficiency and clean energy technologies, including: Energy Efficiency, Renewables, Cogeneration, Storage, Fuel Conversions, High Performance/Passive House Buildings. Their primary focus includes high-impact areas like LMI communities, solar and storage, net zero energy buildings, and scalable products like C-PACE and ESAs.
FOCUS
Built a partnership with New York City, as well as commercial lenders/ They offer direct loans to contractors, project developers, and building owners for both construction and permanent financing of energy efficiency and clean energy projects.
APPROACH
GOALS
NYCEEC mission is to deliver financing solutions and advance markets for energy efficiency and clean energy in buildings. NYCEEC vision is energy efficiency and clean energy financing for buildings to achieve scale and be accessible to all.
- Their primary focus includes high-impact areas like LMI communities, solar and storage, net zero energy buildings, and scalable products like C-PACE and ESAs. They've also partnered with New York City.
- They also offer direct loans to contractors, project developers, and building owners for both construction and permanent financing of energy efficiency and clean energy projects
PRODUCTS AND PORTFOLIO
WEBSITE: Click Here HQ ADDRESS: 1359 Broadway, Floor 19 New York, NY 10018 EMAIL: info@nyceec.com PHONE: 646.797.4630 FACEBOOK: No LINKEDIN: Yes TWITTER: Yes INSTAGRAM: No TIKTOK: No NEWSLETTER: Yes BLOG: No CASE STUDIES: No
CONTACT INFORMATION
The state of New York has 2 green banks!
