New York City Mayor's Office of Sustainability
At a Glance
Sustainability and Energy Management Strategy
New York, NY
Jack Akinlosotu provided the NYC Mayor’s Office of Sustainability with a set of guidelines for how buildings can use PACE to finance energy improvements.
Mayor’s Office of Sustainability works to minimize NYC’s contributions to climate change from the waste, transportation, energy, and building sectors. In 2016, the office published a roadmap and laid the groundwork for the city to achieve the aggressive goal of bringing down emissions 80% by the year 2050. Property Assessed Clean Energy (PACE) is a financing mechanism that allows for building owners to access the capital needed for energy efficiency and renewable energy improvements. Upon approval by city legislation, PACE financing will be a tool that can be employed to help reach that goal. The office asked EDF Climate Corps fellow Jack Akinlosotu to create a working draft of the program guidelines.
Akinlosotu reviewed PACE guidelines for New York and several other states across the country. Working in conjunction with the New York City Energy Efficiency Corporation, who will serve as the program administrator, he created a consumer-facing document that provides crucial information for building owners, contractors and capital providers who will apply for funding.
Commercial PACE financing has facilitated hundreds of millions of dollars-worth of funding across the country. Once the Mayor’s Office program is implemented, tens of thousands of potential buildings will have the ability to access this financing. Akinlosotu’s guidelines will help them navigate the process. Success in achieving this funding will likely lead to an increase in energy efficiency improvements, and renewable energy installs, bringing the city closer to its sustainability goals.