New York

NYSERDA offers several options for homeowners to finance energy efficiency improvements made under the Home Performance with Energy Star program. NYSERDA partners with Energy Finance Solutions (EFS) to offer either on-bill financing or an unsecured loan for the installation of eligible energy efficiency measures in owner-occupied 1-4 family homes. EFS administers the loans, but the NYSERDA program subsidizes the interest rates, resulting in favorable terms for program participants. In order to participate in the on-bill financing program, the homeowner must be a customer of one of the following participating utilities: Central Hudson, Con Edison, Long Island Power Authority, National Grid (Upstate), New York State Electric and Gas, Orange and Rockland, or Rochester Gas and Electric.

The on-bill financing and unsecured loan options are generally use similar procedures and terms, although some differences do exist. To initiate the loan, a Comprehensive Home Assessment (CHA) must be performed by a certified Building Performance Institute (BPI) contractor, which may cost a small fee. In many cases the customer will be eligible for a reduced or no-cost energy home assessment depending in part on their income level. After the CHA is performed, the borrower will work with the contractor to decide what improvements should be made. In order to be eligible for a loan, the improvements must have a savings to investment ratio of at least 1.0. For any improvements and replacement appliances, the borrower will sign a customer contract and a “Home Performance Work Scope.” After a credit check and these forms are submitted, work may begin. Following completion of the work, a Certificate of Completion will be sent to the program administrator. Following review and approval, payment will be rendered directly to the contractor and the borrower will commence repaying the loan. For the on-bill financing option, the payment obligation will be included in the monthly charges from the utility.

The unsecured loan program is available statewide to all New York residents, although as noted above the on-bill financing option is limited to customers of participating utilities. To the extent that the customer is eligible for other energy efficiency incentive programs (e.g., from their utility), NYSERDA will coordinate with the respective program administrators to minimize confusion. Participants in the financing programs remain eligible for other incentives offered by utilities or by NYSERDA, including the NYSERDA Home Performance with Energy Star High Efficiency Measure Incentive (HEMI) and the NYSERDA Assisted Home Performance Grants Program. For further information on this program, please consult the program website(s) or use the contact information provided below.