Change the Way You Use Energy – Waste Less, Spend Less Money

step four to energy savingsStep Four for New York Homeowners

Apply for financing (as low as 3.49%) and check if you qualify for income-based grants. Low-income homeowners and renters can receive significant grants through Assisted Home Performance with ENERGY STAR®. If you are interested in financing your project, NYSERDA offers two low-interest loan options through the Home Performance with ENERGY STAR®.

Find out which one works best for you.

Assisted Home Performance with ENERGY STAR®

This program offers all the benefits of Home Performance with ENERGY STAR, plus grants of up to $5,000 (The Assisted Subsidy cap will change to $4,000 for a single family home or $8,000 for a 2-4 family home for subsidy applications received by EFS on October 1, 2016)  to cover as much as 50 percent of the cost of improvements. If your income is less than 80 percent of the Area Median Income (AMI), you may qualify. An example of that a family of 4 in Ulster County is $69,053.00.

Two different loan options are available to help you pay the upfront cost for the energy efficiency improvements in your home. Talk to your participating contractor and select the product that works best for you.Low-Interest Loans For Energy Efficiency Improvements

View and Download Loan Instructions and Loan Applications

The NYSERDA 2016 – 2017 RESIDENTIAL FINANCING AND INCOME SCREENING APPLICATION

The NYSERDA 2016 – 2017 RESIDENTIAL INCOME SCREENING APPLICATION

 

On-Bill Recovery Loan

On-Bill Recovery Financing allows you to use your energy savings to pay for energy upgrades directly on your utility bill. The payment amount is based on what you can expect to save each month on energy costs.

For example, if your comprehensive home energy assessment shows that you can expect to save $100 each month by making energy upgrades, then your loan payment would be no more than $100.  With the On-Bill Recovery Loan, your monthly payments may not exceed your estimated average monthly energy cost savings. Your loan payments are built right into your utility bill so you will not have an extra bill each month. Your energy savings essentially pay for your work.

    • 3.49% for households with incomes up to 80% of the area median income (AMI), which is the same as the current interest rate
    • 4.99% for households with incomes above 80% AMI up to 120% AMI
    • 5.99% for households with incomes above 120% AMI who are only eligible through Tier 2 criteria
    • 6.99% for energy efficiency only projects for households with incomes above 120% AMI who qualify through Tier 1 criteria
  • Loan payment built into your utility bill
  • Loan amounts from $1,500 – $25,000 with loan term of 5, 10 or 15 years
  • Balance may be transferred to new owner when home is sold
  • A declaration is filed with the County Clerk to record the obligation of the loan (this is not a lien on the property)
  • You must own the home and be named on the utility account
  • The home must be served by a participating utility, including: Central Hudson Gas & Electric, Con Edison, PSEG-Long Island, NYSEG, National Grid (Upstate NY customers only), Orange & Rockland, and Rochester Gas & Electric

7.99% for PV projects or projects including renewable energy systems for households with incomes above 120% AMI who qualify through Tier 1 criteria.

Smart Energy Loan

The Smart Energy Loan is a more traditional loan that offers affordable interest rates and simple repayment options. Green Jobs – Green NY Financing offers low interest rates, a simple application process, and easy-to-manage monthly payments that you make through the mail or by setting up automatic deductions from your bank account.

  • 3.49% for households with incomes up to 80% of the area median income (AMI), which is the same as the current interest rate
  • 4.99% for households with incomes above 80% AMI up to 120% AMI
  • 5.99% for households with incomes above 120% AMI who are only eligible through Tier 2 criteria
  • 6.99% for energy efficiency only projects for households with incomes above 120% AMI who qualify through Tier 1 criteria
  • Monthly payments made to NYSERDA’s loan servicer
  • Loan amounts from $1,500 – $25,000 with loan terms of 5, 10, or 15 years
  • If you sell or transfer the property, you remain responsible for the balance of the loan
  • You must own the home or be an authorized representative of the property owner

Interest rates for Smart Energy loans that include standard billing by mail from the Loan Servicer are 0.5% higher than the rate shown here. Notice of loan pre-approval is typically issued within one business day. The notice will outline loan conditions and may ask you to provide additional information in support of your loan application.

Online Interest Rate Estimator

NYSERDA has created an interest rate estimator tool to assist stakeholders in explaining the differences between the interest rates and allow customers to self-determine which interest rate may be available to them.  Please feel free to recommend your customers use the interest rate estimator tool located on NYSERDA’s website at: nyserda.ny.gov/interest-rate-estimator.  This tool will become available on September 1, 2016.

Please note, the interest rate estimator is an estimator tool that will provide an interest rate based upon the customer’s selected criteria.  A credit application must be submitted and meet all of NYSERDA’s qualifying criteria to determine the final interest rate which will be calculated by a loan professional.

Once the home energy improvements are completed, you are ready to move on to the final step:

step five to energy savings

Complete the Work and Start Saving