Energy is one of the least predictable operating costs in multifamily buildings.
With more than 75 percent of buildings in Chicago built before 1942 and lacking basic energy efficiency improvements, many owners can save substantially on utility and operating expenses.
CIC’s nationally recognized Energy Savers program is a one-stop-shop to better understand your building, reduce your operating costs, and maximize cash flow.
Energy Savers has provided $25 million in loans and grants to multifamily building owners. Contact a loan officer and start saving.
Learn more about CIC energy loans
Reduce operating costs through energy and water saving retrofits for multifamily buildings.
Success story
For this CIC borrower, energy efficiency pays the bills.
History of Energy Savers
Energy Savers was originally launched in 2008 as a key element of The Preservation Compact, a collaborative effort to preserve affordable rental housing in Cook County.
In conversations convened by the John D. and Catherine T. MacArthur Foundation, stakeholders identified the rising cost of energy as one of the major expenses that threatened the viability of Chicago’s affordable rental housing. As a result of those conversations, Energy Savers was designed to help multifamily building owners reduce their energy consumption, cut their utility bills, and preserve affordability of their rental units.
For nearly ten years, Energy Savers was implemented with nearly $15 million in funding from the City of Chicago, Chicago Metropolitan Agency for Planning, Grand Victoria Foundation, and Program Related Investments from Bank of America and the MacArthur Foundation. With these generous investments, Energy Savers become a national model for energy efficiency financing. From program inception through 2016, CIC provided $23.6 million in loans and grants to finance energy-saving retrofits in over 10,000.
Based on the program’s success and shifting borrower preferences, in 2017 CIC changed the Energy Savers structure to incorporate energy and water retrofits as part of its regular multifamily lending program.
