Pratt Center for Community Development

Planning, Building, & Educating for Change.

Energy Financing Sources

Funds Available to Improve Energy Efficiency in Affordable Housing

In New York City, affordable housing has been found to be the least energy efficient housing stock, using as much as two times the energy per square foot as the average multifamily building, according to data provided by Andrew Padian of Steve Winter Associates, Inc. What's more, financial projections developed at the time that many buildings were developed significantly underestimated actual fuel costs. This results from both price increases -- 2008 saw all-time highs for the price of heating oil and gas -- and inefficiencies in the building's design and systems and management. These high costs, combined with steep rises in rates for electricity and water, can causing budgetary shortfalls.

This article and the attached charts specifically discuss incentives for low-income housing (NYSERDA also provides incentives for market rate housing). Financial incentive programs can provide property managers of low-income housing with significant resources to reduce energy costs.

Learn more about specific programs, and their incentives and requirements:

Energy efficiency improvements, referred to as energy retrofits, are likely to save in the range of 20%-50% on heating and electric bills and reduce NYC carbon emissions while making tenants more comfortable. Measures covered by these various incentive programs typically include: increasing insulation, improving or replacing heating systems, upgrading appliances, replacing lighting and addressing water waste. Other measures, such as windows or alternative energy sources, may also be covered. These improvements can make a significant difference in budget while reducing environmental impact and reducing tenant complaints about drafts, cold and hot rooms.

Mixing and matching these programs to maximize the incentives available to the property may require some assistance. Pratt Center, through our Energy $mart Communities contract from NSYERDA, is eager to help NYC's housing managers take advantage of the financial tools to make NYC affordable housing more financially and environmentally sustainable. Please don't hesitate to contact us.