Buffalo is joining a major program which loans money to businesses to make their buildings more energy efficient. While the program could be an overhaul boost to Buffalo, it doesn't cost the city anything.
The C-PACE program manages loans between businesses and loan providers, with the loans lasting as long as 25 years.
"The money. It's borrowed from an entity, it's called an EIC, which works in conjunction with NYSERDA," said Councilmember Joel Feroleto.
"So, it's a state-approved entity which loans the money at a low rate."
Nearly 30 states have these programs and billions of dollars in loans have been made.
"We hear from building owners, whether it's commercial or residential, the costs of having energy-efficient products and upgrades, it's very difficult to come up with the money upfront," Feroleto said.
"This allows the property owner to access funds and pay it back over a period of, about 25 years."
Feroleto points out the loans stay with the building when it is purchased by a new owner.