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Bronx Initiative for Energy and the Environment

The Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Borough President have established the Bronx Initiative for Energy and the Environment (BIEE). This initiative has created three separate partnership funds: The Bronx Partnership for Electric Transportation, the Bronx Partnership for Environmental Benefit, and the Bronx Partnership for Residential and Commercial Energy Efficiency and New Technology. The goal of the initiative is to demonstrate pathways to a greener Bronx.

The Bronx Environmental Revolving Loan Fund is designed to provide zero interest loans to Bronx businesses and building owners that implement energy efficient measures and/or new technology, which improves the air quality of our borough.

Eligible Companies:

For-profit companies, non-profit organizations and housing corporations operating in the Bronx.

Eligible Uses:

  • Implementation of energy-efficient measures, including
  • Electric/alternative fuel machinery and equipment;
  • Boiler retrofit;
  • New technology to reduce air pollution and/or cause energy savings, e.g.: Green roofs and other greening measures
    • Solar technology
    • Wind technology
  • Customized energy surveys
  • Size of Loan: Minimum $10,000; Maximum $100,000

    Term of Loan:

    Up to 10 years, contingent upon amount of loan.

    Origination Fee:

    2% of loan amount.

    Business Owner’s Equity Participation:

    10% for existing businesses; 25% for start-ups.

    Underlying Criteria:

    Clean credit history.

    Collateral:

    Will vary depending upon project.

    Guarantees:

    Principals, Corporations, etc.

    Fees:

    Application fee: $250 (non-refundable)

    Examples of how the Environmental Revolving Loan Fund could be used:

    Company A is purchasing electric forklifts, as they have no emissions, are quieter and have lower maintenance costs. Propane forklifts cost approximately $18,000, while electric forklifts cost $26,000. The Environmental Revolving Loan Fund will cover the $8,000 cost difference. BOEDC will assist Company A in securing a financial package for the balance of the equipment costs.

    Company B needs to replace its roof. A green roof (a roof planted with specific vegetation) lasts twice as long as a conventional roof, reduces the cost of cooling the floor underneath it by 40% and reduces noise and air pollution. A conventional roof costs $8-$10/sq. ft.; a green roof costs $12-$20/sq. ft. The Environmental Revolving Loan Fund will cover the difference.

    Company C wants to install solar panels on their roof, as they will reduce their energy costs by 30%. The total cost of the installation is $268,758. The New York State Energy Research & Development Authority (NYSERDA) will cover $143,060 of that cost. Environmental Revolving Loan Fund will cover the balance of $125, 598.

    Contact: Kate Shackford at (718) 590-3498 or kshackford@boedc.org.

     

    Clean Air NY is a network of individuals, employers, employees and community organizations in the New York metro area committed to the idea that every person can help clean our air.  There are many simple, everyday actions that we can all take to improve air quality.  For instance, you could combine several errands into one trip, carpool with your buddies to your next ball game, catch the train to work once a week or take the subway to see the latest Broadway show.

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