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Loan program focuses on energy efficiency

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.


Mike Desmond is one of Western New York’s most experienced reporters, having spent nearly a half-century covering the region for newspapers, television stations and public radio. He has been with WBFO and its predecessor, WNED-AM, since 1988. As a reporter for WBFO, he has covered literally thousands of stories involving education, science, business, the environment and many other issues. Mike has been a long-time theater reviewer for a variety of publications and was formerly a part-time reporter for The New York Times.