Home  Financing Options |
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New Financing Solutions are available starting February 2012
Customers must have a credit score of at least 640 and use one of the
following utilities to be eligible for the On-Bill Recovery Loan
Program:
Central Hudson Gas and Electric, Con Edison, Long Island Power
Authority, New York State Electric and Gas Corporation, National Grid
(upstate NY customers only), Orange and Rockland, and Rochester Gas and
Electric Corporation. Additional information can be found at the NYSERDA FAQ page.
You must Participate in the Home Performance with ENERGY STAR® Program
to have a BPI accredited contractor perform a comprehensive home energy
assessment and recommend energy-efficiency improvements. Then, make
your project even more affordable by paying for your energy-efficiency
improvements through NYSERDA’s special low-rate On-Bill Recovery Loan
Program. |
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| On-Bill Recovery Loan Program (2.99% interest rate) Terms of 5, 10 or 15 years |
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A new option for financing the improvements that make your home more energy efficient and comfortable.
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Convenient – no separate bill to pay
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Repay from the money you save on energy
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Low 2.99% interest rate
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Interest may be tax deductible
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Transferable if you sell your property
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Unsecured GJGNY loan Program (3.99% or 3.49% interest rate) Terms of 5, 10 or 15 years
- 3.99% interest rate; 3.49% with automatic deduction payments
- 10% cashback incentive once the work is completed
- Loan is not transferable if you sell the property
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What kind of Energy Solutions does it cover
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For residential homeowners, it covers home improvements that increase the energy efficiency of the home and meet Home Performance with ENERGY STAR and On-Bill Recovery Loan Program standards. To participate in the On-Bill Recovery Loan program, the homeowner must have a comprehensive energy assessment conducted by a participating Building Performance Institute (BPI)-Accredited Home Performance contractor, and home energy improvements must be recommended and installed by a participating Home Performance with ENERGY STAR contractor. In addition, on an annualized basis, the monthly on-bill repayment amount cannot exceed one-twelfth of the savings projected to result from the installation of the energy efficiency measures and the repayment term may not exceed the useful life of the improvement.
Eligible home energy upgrades typically include:
- Insulation
- Air sealing (reduce draft and air leaks)
- Energy-efficient furnaces, boilers, water heaters, air conditioners, lighting fixtures and appliances.
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Loan Size
A homeowner can finance up to $25,000 if the payback period (the amount
of time it takes for the work to “pay for itself” in savings) is 15
years or less. If the payback period is longer than 15 years, the
maximum amount eligible for financing is $13,000. | |
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