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

Step Four for New York Homeowners

Apply for low-interest 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 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 $66,912.00.

• Click here to see if you are eligible for this program.
• If you are, then you can download the application PDF here: 2015 assisted Home Performance with ENERGY STAR® Application

If you need any help filing out the Assisted Home Performance with ENERGY STAR® Application, please watch our “how to videos” with visual instructions. (in English and Spanish)

Low-Interest Loans For Energy Efficiency Improvements

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.

View Loan Details and Download the Loan Application

If you need any help filing out the NYSERDA Residential Credit Application, please watch our “how to videos” with visual instructions. (in English and Spanish)

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.

• Interest rate is 3.49%; interest rates subject to change
• 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

***NYSERDA has established the following new interest rates for loan applications received on or after September 1, 2016:***

• 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

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.

• Interest rate is 3.49% for automatic bank withdrawal (3.99% for pay by check); interest rates subject to change.
• 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

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.

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

Complete the Work and Start Saving