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GridRewards will be open to residential and corporate customers of Con Edison.
New York Attorney General Letitia James called the rollback a "not-so-bright idea."
Municipalities recognized by the state program are eligible for up to $250,000 toward energy efficiency, renewable energy and sustainable development projects.
Only 12 commercial properties in Connecticut received LEED certification this year, bringing the state total to 279.
The state launched the Five Cities Energy Plans initiative last year to help the cities reduce energy costs and carbon emissions and support the creation of clean-energy technologies and jobs.
Energy Improvement Corporation will finance construction and installations ranging from new windows and doors to heating and cooling systems for qualified businesses.
The study, commissioned by United Technologies Corp., found that investing in a 30 percent improvement in building efficiency would have an internal rate of return of 28.6 percent over a 10-year period – which is four times better than the average corporate bond yield.
The Energy Improvement Corp., a nonprofit composed of mostly Westchester municipalities, provides low-cost financing to property owners looking to save on energy costs and be more energy efficient.