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Financing & Incentives
Photo Credit: NYCEDC
Financing & Incentives

Altogether, New York City's energy efficiency and green building policies are transformational. But they will not achieve their goal if New York City's building industry does not have the financing and incentive tools it needs to comply. Fortunately, numerous resources are available at the national, state and local level.

Federal Funding
On the national level, the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy (EERE) provides financial assistance for green building and energy efficiency related projects. These projects range from the Weatherization Assistance Program for low-income families to improve home energy performance to federal tax credits for energy efficient homes.

In recent years, New York City and New York State have been recipients of American Recovery and Reinvestment Act (ARRA) funding. The City has allocated $37 million of its ARRA funding to create the New York City Energy Efficiency Corporation (NYCEEC), which together with other financial institutions and energy services companies, provides financing solutions for energy efficiency and clean heat projects located in the five boroughs of New York City. Other ARRA-funded City projects related to energy efficiency can be found on the NYC Stimulus Tracker.

State Incentives
New York State is one of the national leaders in terms of providing incentives for energy efficiency (approximately $250 million per year) for a variety of programs, including direct incentives for energy reduction and market transformation. These programs are administered by local utilities and the New York State Energy Research and Development Authority (NYSERDA). For more information, visit the National and State Incentives page.

Local Resources
In addition to these extensive state incentives, New York City has developed some financial incentives to supplement state incentives where gaps have been identified, or where certain strategies have been targeted to reduce barriers for adoption. Examples include a tax abatement program for solar panels.
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