NYCEEC, a non-profit energy efficiency fund, is providing property firm Annal Management with a $1.4 million loan to improve buildings' energy management systems.
The loan will fund energy efficiency retrofits and clean heat conversions in six buildings in the Bronx area.
The upgrades are expected to reduce buildings' carbon emissions by approximately 952 metric tons per annum, equivalent to removing 204 cars from the road for a year.
The energy efficiency equipment and advanced controls will be supplied and installed by Dual Fuel Corporation.
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."
Equipment to be replaced include boilers, chimney liners, linkage-free boiler controls, ancillary piping, insulation and temperature unit sensors.
The project is expected to be complete by the end of 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.
The loan is part of a programme by NYCEEC to reduce carbon emissions in the affordable multifamily sector.
A senior manager at Annal Management, said: "These buildings were constructed in the 1930s and 1950s.
"This financing allows us to introduce modern equipment, creating more comfortable buildings for our residents while improving each building's environmental profile."