NYGB provided a US$5.0 million senior-secured revolving credit facility to Sealed Inc. that will support financing for up to US$7.5 million in energy efficiency upgrades for up to 400 homeowners in New York. Sealed is a NYS-based energy software company that provides home efficiency upgrades – from new insulation, to sealing air leaks, to installing new boilers and furnaces – utilizing a first-of-kind, user friendly financing solution. NYGB’s US$5.0 million revolving credit facility will enable Sealed to introduce a new financial product for homeowners interested in making their residences more comfortable as well as more energy efficient.
This transaction type is replicable for other participants in the energy efficiency market in NYS – specifically smaller developers with early marketplace success but limited scale to date – providing precedent for further expansion of residential energy efficiency financing products.