BINGHAMTON, N.Y. (WIVT/WBGH) – New York has made it easier to finance sustainability projects over the last decade through the NY Green Bank.
The New York State Energy Research and Development Authority, or NYSERDA, brought its traveling road show to Binghamton recently as it looks for lending institutions to partner with.
Green Bank Managing Director David Davenport says his current emphasis is on housing projects that reduce energy consumption or electrify buildings, especially in low-income neighborhoods.
He says the Green Bank has a $250 million Community Decarbonization Fund, which is a 5-year revolving loan program.
Davenport says the goal is to incentivize lenders to support smaller and medium size projects.
“That specialize in working with developers of affordable housing, operators of affordable housing and we’ll lend to them at significantly below market rates. We’re calling them concessionary rates. So that they can, in turn, support smaller projects with a lower cost, to benefit disadvantaged communities,” said Davenport.
Davenport says the Green Bank also provides financing to projects in energy production, energy storage and transportation that reduce the state’s use of fossil fuels. He says it’s part of the overall effort to meet aggressive climate change goals as set forth by New York’s Climate Leadership and Community Protection Act.