Orange County has become a partner in the Energy Improvement Corporation’s efforts to effect energy efficiency and reduce costs for energy. The program is focused on existing non-governmental, commercial and multi-residence properties.
The corporation is led by Managing Director and Treasurer Joe Del Sindaco at (914) 302-7308 email@example.com and firstname.lastname@example.org.
This program provides a vehicle for raising capital necessary to improve energy systems in eligible properties. The long-term financing is designed to cost less than the savings in energy costs. Therefore, it is a net benefit to cash flow and the bottom line.
There is a wide range of improvements that are eligible. Almost anything that will reduce demand on the energy grid will qualify.
The lending criteria are:
- Estimated energy cost savings from the improvements must be greater than the annual finance payments.
- The improvements will have a savings-to-investment ratio greater than 1.00.
- The property’s existing loan-to-value is no greater than 80%.
- The amount of financing will be up to 10% of value of benefitted property.
- The property owner cannot have been in bankruptcy within the last 7 years.
- The property owner must have a history of timely property tax payments for at least 3 years.
- Any existing lender must consent to participation in the program.
- The maximum financing term is 15 years.
All of Orange County (except the cities of Port Jervis, Middletown and Newburgh) is eligible to participate in the program based on the participation of Orange County.
We at Jacobowitz and Gubits, LLP are happy to provide additional information and assistance. We suggest you first contact the Energy Improvement Corporation.