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Residential Financing Programs

 

Home energy upgrades, from heat pumps to solar panels and insulation, can lower energy costs and pay for themselves over time through energy savings. Still, many homeowners use a combination of incentives, such as rebates and Inflation Reduction Act tax credits, and financing, to cover the cost of energy upgrades.

NYSERDA offers a suite of loans to help New York State residents finance energy efficiency improvements and clean energy equipment.

Prior to accessing a NYSERDA loan, homeowners must complete a no-cost energy assessment that provides an overview of a home’s energy use and identifies energy-saving opportunities and services for consideration. Homeowners may use loans to cover the costs of a variety of energy upgrades through the following programs:

Residential Financing Options

Homeowners could be eligible for up to $25,000 in loans for energy efficiency improvements or clean energy equipment at one- to four-family residential properties. Interest rates, repayment terms, and cost effectiveness requirements vary between each type of loan. Loans are not incentives or rebates and must be paid back. Loans over $13,000 are required by the Green Jobs Green New York (GJGNY) legislation to have a payback period of less than 15 years.

Homeowners can work with a participating contractor to help select the loan that works best for their home energy project.

On-Bill Recovery Loan

Apply NowFind Interest RateWith the On-Bill Recovery (OBR) Loan, your loan payments are paid as part of your utility bill. Estimated average monthly energy cost savings must be greater than monthly loan payments to use the OBR loan.

Technologies covered: Purchase and installation of solar photovoltaic systems, ground source heat pumps, air source heat pumps, and energy efficiency improvements.

Eligibility:

Loan terms:

  • Unsecured
  • Interest rates are subject to change. For available residential interest rates, click on the Find Interest Rate button.
  • Loan payment is paid through 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 as long as written notice is provided to new owner
  • A declaration is filed with the County Clerk to record the obligation

Smart Energy Loan

Apply Now Find Interest Rate

The Smart Energy Loan is a traditional loan that you repay monthly via check or automatic payment (ACH).

Technologies covered: Purchase and installation of solar photovoltaic systems, ground source heat pumps, air source heat pumps, and energy efficiency improvements.

Eligibility:

  • You must own the home or be an authorized representative of the property owner

Loan terms:

  • Unsecured
  • Interest rates are subject to change. For available residential interest rates, click on the Find Interest Rate button.
  • 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

Loan Approval Criteria

The table below summarizes credit approval criteria, but it is not a comprehensive list of loan underwriting guidelines. These standards are subject to change at NYSERDA's discretion.

Credit Score 540-599 600-639 640-679 680-719 720+
Debt-to-Income (DTI)* 40% 45% 50% 60% No limit
Mortgage Payment History

Mortgage has been paid on-time for the past 12 months. No mortgage payments more than 60 days late during the past 24 months.
Bankruptcy, Foreclosure, Repossession History

None in the past 24 months
Outstanding Collections, Judgments, Liens and Charge-offs May not exceed $2,500
Prior GJGNY Loans

No customer will be eligible for a GJGNY Loan if the customer has a prior GJGNY Loan outstanding that is 30 days or more delinquent.

* Debt-to-Income (DTI) is a measure of your existing debt payment obligations (mortgage, auto loan, student loan, credit card payments, etc.) to your income.

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Loans are originated by Slipstream Link opens in new window - close new window to return to this page.. If you have additional questions, please contact the Residential Financing Team at [email protected].

 

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