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NYC Energy Efficiency Corporation (NYCEEC)
Photo Credit: NYCEDC
NYC Energy Efficiency Corporation (NYCEEC)

The New York City Energy Efficiency Corporation (NYCEEC) is an independent, non-profit financial corporation established by the City of New York to assist with the implementation of the City’s Greener, Greater Buildings Plan and to advance the goals of PlaNYC. NYCEEC's mission is to support the City’s energy and climate action goals by catalyzing an energy efficiency retrofit financing market for private building owners.

To achieve its mission, NYCEEC is partnering with banks, financial institutions involved in community development, and energy services companies to provide financing products for energy efficiency and Clean Heat improvements implemented in a wide range of building types throughout the five boroughs. 

NYCEEC is financially supported by the Energy Efficiency and Conservation Block Grant Program under the American Recovery and Reinvestment Act of 2009, and by private philanthropic foundations including the Deutsche Bank Americas Foundation, Kresge Foundation, Living Cities Foundation, Rockefeller Brothers Fund and Rockefeller Foundation.

For more information about NYCEEC’s financial products, please contact finance@nyceec.com or visit NYCEEC’s website.

In June 2012, NYCEEC joined leading banks, energy providers and environmental groups with Mayor Michael R. Bloomberg to announce their commitment to the NYC Clean Heat program.  In partnership with other banks, NYCEEC is committed to providing financing to help the City advance its new PlaNYC emissions target and accelerate clean heat conversions in buildings that otherwise could not afford the conversion.  The new PlaNYC goal is to reduce soot pollution by 50% by 2013, saving 120 lives and preventing 300 asthma-related hospital visits each year.

In December 2011, NYCEEC closed its first transaction with Transcend Equity Development Corporation (now acquired by SClenergy) for a $1.4 million retrofit project at 125 Maiden Lane in Lower Manhattan. Transcend provided a turn-key retrofit and financing solution, using a managed energy service agreement (MESA). NYCEEC participated in the MESA by providing credit enhancement, thus, permitting the financing to close and construction to start. The retrofit measures include state-of-the-art direct digital controls, an automated building management system, high efficiency variable speed motors, new steam valves and other upgrades. The building owners paid no upfront costs, and will be repaying the measures through energy savings, which are predicted to be up to 24 percent. Read the press release (in PDF) and case study (in PDF) for details.

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