Bello signs bill allowing businesses access to funds for clean energy projects
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ROCHESTER, N.Y. (WHEC) — There’s a new way for local businesses to fund their clean energy projects.
Monroe County Executive Adam Bello signed the OPEN C-PACE bill into law Wednesday.
Monroe County private and non-profit commercial building owners will now have access to the OPEN C-PACE Program, which provides financing to property owners to make energy upgrades and reduce their greenhouse gas emissions. I’m confident actions such as this will be beneficial. pic.twitter.com/A4n2ck0VD5— Adam J. Bello (@CountyExecBello) July 7, 2021
OPEN C-PACE will provide commercial and non-profit building owners with an alternative to traditional loans.
They can now access private capital to help pay for energy-efficient and renewable energy upgrades to their buildings.
"This kind of financing is needed now more than ever for these types of projects due to the challenges of COVID-19 and the impact that it’s had on the industries across our community," Bello said.
The program will not cost taxpayers any money according to Bello
The county will add a special assessment to a property equal to money saved with the new energy projects.
Businesses will then pay off the lien with installments over several years.
More than 50 municipalities in New York already offer the program, including the cities of Rochester, Buffalo and Syracuse, as well as Niagara, Wyoming, Dutchess and Nassau Counties.
Click here for more information about the program.