NYSERDA - Residential Financing Options

NYSERDA offers a suite of loans under the Green Jobs-Green New York (GJGNY) Program to help New York State residents finance energy efficiency improvements, and renewable energy systems. Eligible projects include the purchase and installation of solar photovoltaic systems, ground source heat pumps, air source heat pumps, and energy efficiency improvements. Prior to accessing a NYSERDA loan, homeowners must have an energy assessment or audit that identifies energy services to be undertaken.
Homeowners could be eligible for up to $25,000 in loans for energy efficiency improvements or renewable energy installation at one-to-four family residential properties. Interest rates, repayment terms, and cost effectiveness requirements vary between each type of loan. Loans over $13,000 are required to have a payback period of less than 15 years. Interest rates are subject to change, check available residential rates here. See a summary of loan approval criteria here.

On-Bill Recovery (OBR) Loan:

The OBR Loan is available to homeowners who are named on the utility account, and serviced by Central Hudson, Con Edison, PSEG-Long Island (must apply directly through utility), NYSEG, National Grid (upstate customers only), Orange & Rockland, or Rochester Gas & Electric. With the OBR Loan, loan payments are paid as part of the customer's utility bill. Estimated average monthly energy cost savings must be greater than monthly loan payments to use this loan. Loan amounts vary from $1,500 - $25,000 with a term of 5, 10, or 15 years. Loan balances may be transferred to a new owner when the home is sold, as long as written notice is provided to the new owner.

Smart Energy Loan:

The Smart Energy Loan is a traditional loan that is repaid monthly via check or automatic payment. To qualify for this loan, applicants must own the home or be an authorized representative of the property owner. Loan amounts vary from $1,500 - $25,000 with a loan term of 5, 10, or 15 years. If the property is sold or transferred, the applicant remains responsible for the balance of the loan.

Renewable Energy Tax Credit Bridge Loan:

The Renewable Energy Tax Credit Bridge Loan (Bridge Loan) is a short-term loan product which enables applicants to finance federal and state tax credits and the NYC Real Property Tax Abatement for eligible renewable energy system products. The Bridge Loan has a balloon payment of principal and interest due at maturity and can be paid via check or automatic payment. This loan can be paired with the Smart Energy or On-Bill Recovery Loan (combined total cannot exceed $25,000). To be eligible for the Bridge Loan, applicants must be the home owner or an authorized representative of the property owner. Loan amounts vary from $1,500 - $25,000 with a loan term of 2 years. Loan amounts may not exceed the maximum of federal income tax credit (based on net project cost): the lesser of 30% or $1,200 for all building envelope components, home energy audits, and energy property; the lesser of 30% or $2,000 for electric or natural gas heat pump water heaters, electric or natural gas heat pumps, and biomass stoves and biomass; 30% tax credit for solar or geothermal projects, the New York State Income tax credit for solar and ground source heat pump projects equal to the less cost of $5,000 or 25% of the net project cost, and the NYC Real Property Tax Abatement of 5% of the net project cost (offered for a 4 year period, but only one year can be included in the loan. Interest accrues from loan origination. If the property is sold or transferred, the applicant remains responsible for the balance of the loan.

Homeowners may use loans for the following programs

• EmPower+: Offers income-qualified homeowners a comprehensive, whole-home approach, plus discounts up to 50% of eligible improvement costs, to enhance energy efficiency and home comfort while saving money. The loans may be used for the purchase and installation of energy efficient upgrades.
• Residential Energy Assessment Program and Comfort Home Pilot: Identifies where homes are wasting energy and how to save money and improve the home’s comfort year-round. Loans may be used for the purchase and installation of energy efficient upgrades.
• NY-Sun: Makes going solar accessible and affordable. Loans may be used to purchase and install solar at home.
• NYS Heating and Cooling: Offers more efficient heating and cooling options that eliminate fossil fuels. Loans may be used for the purchase and installation costs of air source and ground source heat pumps.
• PSE&G Home Performance with ENERGY STAR: Offers PSE&G customers a whole-home approach to energy efficiency and can lower energy costs plus offers rebates on energy-saving home improvements plus offers. Loans may be used for the purchase and installation of energy efficient upgrades. 
• PSE&G Home Comfort Program: Offers PSE&G customers more efficient heating and cooling options that eliminate fossil fuels. Loans may be used for the purchase and installation costs of air source heat pumps.

Income Eligible Households:

Through NY Energy Advisor, income-eligible residents and affordable housing owners can receive a customized list of energy-related assistance programs to help pay energy bills and make energy-related improvements.