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Green Jobs - Green New York Residential Financing Summary
NYSERDA offers two low-interest loan options on a statewide basis through Green Jobs - Green New York (GJGNY). Both loan options are available for up to $13,000 per applicant, and up to $25,000 if the project meets additional cost-effectiveness standards. Both options offer repayment periods of 5, 10 or 15 years and may be combined with the Solar Pioneer Rebate Incentive.
Option 1: The On-Bill Recovery (OBR) Loan provides homeowners the convenience of paying for energy improvements on their utility bill. Participating utilities include: Central Hudson Gas & Electric, Con Edison, PSEG Long Island, National Grid (Upstate), New York State Electric & Gas, Orange and Rockland, and Rochester Gas & Electric.
- The current interest rate is 3.49%
- The monthly loan installment payment may not exceed 1/12th of the estimated average annual energy cost savings from the improvement(s) over the loan term. In other words, the expected annual energy cost savings must be greater than the annual loan repayment so the energy upgrades should pay for themselves with the savings they create
- Loan repayments will appear as a loan installment line item charge on your electric or gas utility bill
- Requires a Declaration to be signed by the borrower and filed by NYSERDA with the county recorder’s office to provide notice to any subsequent purchaser of the property
- The Declaration is not subject to any fees or NYS recording tax
- When you sell your home you will have the option to transfer the unpaid balance of the loan to the new owners
Option 2: The Smart Energy Loan offers affordable interest rates and simple repayment options.
- The current interest rate is 3.99%, or 3.49% if you pay through automatic bank withdrawals
- Repaid monthly directly to NYSERDA’s loan servicer, Concord Servicing Corporation
Loan Amount and Term:
- Both loan options are available up to $13,000 per applicant, and up to $25,000 if the simple payback is 15 years or less, calculated by dividing the loan amount by the 1st year estimated energy cost savings.
- Minimum loan amount is $3,000
- Only one OBR Loan per utility account is allowed
- Loan term is 5, 10, or 15 years; term may not exceed the expected useful life of measure(s)
For full eligibility requirements and instructions on how to apply for either loan, visit http://www.energyfinancesolutions.com/nysolar; or call 1-800-361-5663.Type your paragraph here.
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