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Funding and Financing

PEPCO: Income Eligible Multifamily Program

Building Sector:

Multifamily Affordable Housing

Energy Type:

Electricity Gas Solar Water

Financial Incentives:

Loan Rebate



Program name

Income Eligible Multifamily Program

Program summary

Administered by ICAST, this program is designed to meet the energy improvement needs of multifamily affordable housing properties. It is focused on deep retrofit measures to maximize savings. Income-qualified properties with three or more residential units can receive Pepco’s cash incentives for energy-saving products installed throughout the property, including common areas and inside residents’ units. ICAST works with an owner through the duration of a project via its “One Stop Shop” where they will perform a free energy audit, create a scope of work with the client’s approval, contract the energy retrofit work, and identify additional incentives for the owner. ICAST will also provide consulting services including:

  • Compliance Guidance regarding the Building Energy Performance Standards (BEPS)
  • Retrofit project planning
  • Project financial planning
  • Operating cost containment

Applicable building size

3+ residential units.


  • Heating and Cooling (HVAC)
  • Water Heating (DHW)
  • Lighting
  • Weatherization (Sealing leaks, etc.)
  • Building Shell (Insulation, Windows, etc.)
  • Energy Management Systems (EMS) including Controls

Note: Even though this is a PEPCO program, ICAST can also address other utilities, such as water, gas, and solar.


Incentive/funding details. Custom rebate through PEPCO based on percentage of energy savings achieved.

Contract structure. ICAST will contract the energy retrofit work with the owner based upon the agreed upon scope of work. The contract is for the duration of the energy retrofit work.

Amount (max, min, average). ICAST will fund up to 80% of project.

Simple payback. Payback will depend on the energy conversation measures installed. With PEPCO incentives, the payback period can be significantly reduced.

Pairing with other sources. ICAST will source any additional incentives that can be brought to a project.


  • When in the project process an application should be started/completed. Owners should contact ICAST before commencing an energy retrofit project as ICAST will conduct a free energy audit to determine a scope of work.
  • Level of effort required. Utilizing a “One Stop Shop” approach, it is a simple project approach that requires minimal work for the owner to get the rebates/incentives.
  • Length of time to receive funding. ICAST will calculate the available rebates/incentives on the front end and will subtract those amounts from the total amount that the customer owes. ICAST assumes the risk and will collect the rebates once the project is complete.
  • Contractor requirements. None.

Additional information

  • Advantages. The program provides substantial savings for energy efficiency upgrades, which can provide significant tenant benefits such as improved health, safety, and comfort. The program encourages whole building retrofits to drive substantial savings.
  • Program fit for customer. Any owner of an income-eligible, qualifying multifamily affordable housing building.
  • Program fit for organizations. Operate a qualified multifamily property that serves a majority low income individuals and are looking to generate significant energy and cost savings. The property must meet the income qualification criteria, where: 1) A majority of the tenants earn less than 80% of area median income (AMI), as evidenced by the incomes of the tenants and certified by the property owner/manager, or 2) The average rents at the property are less than 80% of average market rent, as evidenced by the rent roll provided by the property owner/manager.

Take action

Visit the PEPCO website for more information on the Income Eligible Multifamily Program.

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