NEW YORK, Sept. 11, 2018 /PRNewswire/ -- In support of significant carbon emissions reductions in the affordable multifamily sector, NYCEEC today announced $1.4 million in loans to six buildings in the Bronx, all managed by Annal Management. The loans will be used for energy efficiency improvements and clean heat conversions, reducing the total annual carbon footprint of the buildings by approximately 952 metric tons – the equivalent of 204 cars driven for a year. Dual Fuel Corporation was selected to install the new equipment and advanced controls.
"These buildings were constructed in the 1930s and 1950s," said senior management at Annal Management. "This financing allows us to introduce modern equipment, creating more comfortable buildings for our residents while improving each building's environmental profile."
"New York has an enormous number of small to mid-sized rent-regulated properties," said Posie Constable, NYCEEC's director of business development. "This deal shows just how easy it is to make immediate improvements in their energy use and greenhouse gas impact."
In addition to the basic boiler replacements and fuel conversions, the scopes of work include chimney liners, ancillary piping, insulation and installation of in-unit temperature sensors to be used with existing boiler controls. Three of the buildings will also install linkage-free boiler controls which allow for more efficient burner operation throughout the firing range.
"Dual Fuel was created to implement turnkey energy retrofits," said Steven Schwarzbaum, the company's director of business development. "These conversions provide significant fuel savings and reduce carbon emissions by 35%. Additionally, we will be providing the Customer with 24/7 system monitoring and gas smart meters as part of our Real Time Energy Management (RTEM) program. Dual Fuel has completed a number of fuel conversions with NYCEEC financing before and looks forward to continuing this partnership for many years to come."
Construction is expected to be complete by September in time to take advantage of $250,000 in Con Edison's fuel conversion incentives. Four of the buildings are due to repay their loans over five years; the other two have six-year windows.
NYCEEC is a leading non-profit finance company that provides loans and financing solutions for energy efficiency and clean energy projects. NYCEEC finances projects that save money, save energy and reduce greenhouse gases. We are helping our communities achieve a clean and sustainable future. Learn more at www.nyceec.com.