Energy Efficiency, GHG Emissions, Industrial - November 12, 2021
NY Provides $5 Million for Energy Efficiency Upgrades to Buildings
New York Governor Kathy Hochul announced the availability of $5 million for a second round of pilot projects under the $30 million RetrofitNY program to improve energy efficiency in affordable housing units.
This program will increase whole-building deep energy efficiency upgrades that will substantially lower emissions from multifamily affordable housing. The projects will support modernizing building renovation by demonstrating technology-based construction solutions that are expected to help create jobs, foster a tech-savvy workforce in New York State and advance cost-effective replicable solutions. This project supports New York’s goal to reduce GHG emissions 85% by 2050, as outlined in the Climate Leadership and Community Protection Act (Climate Act).
“Buildings contribute approximately one third of harmful emissions across the state,” said Hochul in a statement. "This holistic approach to transforming the building renovation industry will ensure New York State's building stock is cleaner, greener and healthier for all residents. Through the support of innovative digital technologies and construction and manufacturing processes, New York is further cementing itself as a leader in the utilization of clean energy.”
The funding will support owners of eligible affordable housing buildings up to seven stories and will be administered by the New York State Energy Research and Development Authority (NYSERDA). The program helps building owners planning to conduct substantial renovations in their roofs, windows, and/or heating system replacements within the next two years.
Owners may also be eligible for up to an additional $40,000 per dwelling unit, with a cap of $1.6 million per building, subject to funding availability, to cover incremental costs for all electric, whole-building upgrades that put buildings on a path to carbon neutrality. This incremental funding is meant to bridge the gap between financing from other sources such as regulated housing agencies, bank loans, and tax credits used for business-as-usual renovations. It allows building owners to seek renovations that achieve high performance and low carbon solutions with the goal of reaching fully carbon neutral renovation solutions in the future.
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