Utility Incentives

Central HudsonPrint
Central Hudson is committed to supporting
businesses that create quality jobs in the
territory we serve, particularly high-tech
and industrial manufacturing companies in
industries with positive long-term prospects.

Central Hudson Economic Development Programs:

New Jobs: Central Hudson offers up to $100,000 when a company creates quality new jobs in high tech, green tech or emerging growth industries in our region.

  • $1,000 per job for positions in manufacturing or
    research development paying more than $40,000
    annually. In all other industries, $750 per job for
    positions paying between $40,000 and $59,999
    annually and $1,000 for those paying $60,000 or
    more annually.
  •  A minimum of 20 new jobs must be created
    before an applicant can be granted an award.

Shovel Ready Sites*:

  • Get up to $200,000 for the State Environmental Quality Review Act (SEQRA) approval process.
  • Get up to $200,000 for utility infrastructure improvements

*Maximum expenditure is $300,000 per site for both soft and hard costs.

Revitalization: Central Hudson is offering $1 per square foot per site toward the revitalization of older, abandoned industrial buildings in our region.

  • Eligible buildings must have at least 50,000 square
    feet of vacant space.
  • Businesses that seek to demolish, deconstruct, rehabilitate and/or reconstruct vacant or severely underutilized properties are eligible to apply for funding.
  • Owners must contribute at least 50% of the costs of the project.

PACE (Property Assessed Clean Energy): finance is a debt-like product that can finance that portion of building rehab work that results in energy savings.  PACE is paid back through a special assessment charge on the building’s local property tax bill instead of through a debt service payment.  The reason for this is that the special assessment provides a very high level of security and, as a result, PACE loans can be made available at favorable rates and with amortization periods of up to 20 years, which allows for lower annual payments and greater affordability.  Even non-profits that are not subject to property taxes are eligible for this benefit.

Some of the features and benefits of PACE are:

  • Financing can be provided for 100% of the cost of the energy saving improvements, up to 10% of the as-built value of the building
  • No down payment required; preserves owner’s mortgage capital, equity and credit lines
  • The improvements are repaid using money saved on energy; a PACE financing is cash flow positive
  • Financing eligibility is based on the property’s potential to save energy, not on the property owner’s personal credit; no guarantees required
  • The energy improvements financed using PACE strengthen the project over the long term by lowering energy and maintenance costs
  • The financing (along with the improvements) transfers automatically to a new owner, eliminating any need to pay it off at the time of sale
  • Both the PACE assessment and the energy savings can be shared easily with tenants under most lease structures
  • Competitive rates at 4.5% – 6%, with flexible terms of 5 to 20 years, subject to market conditions.

Basic PACE Underwriting Criteria

 Can finance up to 10% of the value of the property as improved

 Property’s existing loan-to-value is no greater than 80%

 No bankruptcy within last 7 years

 At least 3 year history of timely property tax payments

 Existing mortgage holder consent required

(Over 100 financial institutions nationally have given consent)

 Estimated annual energy savings from improvements must be greater than annual assessment payments

 Improvements must have savings-to-investment ratio > 1

 Requires NYSERDA or utility energy assessments for quality and cost effectiveness

Improvements Allowed under PACE

There is no set list of eligible improvements under PACE. Instead, there is a set of criteria.

The improvements must be:

approved by NYSERDA or a utility incentive program

permanently affixed to the property, and

reduce the energy consumption in the building.

These criteria allow for a wide range of improvements, including but not limited to:

Lighting upgrades

Boiler conversions

Furnace upgrades

Roof work


Building enclosure/envelope improvements

HVAC systems






Smart Controls

Solar PV

Solar Thermal



For more information on Central Hudson Economic Development Programs please call us at (845) 486-5579 or visit: centralhudson.com/economicdevelopment