Use your Lending Power to Create Energy Savings in New York State
NYSERDA offers building developers, owners, and managers a unique opportunity to obtain low-interest financing on energy-saving building and renovation projects through private commercial lenders. This funding is available through Green Jobs – Green New York, a statewide initiative dedicated to strengthening our communities through energy efficiency.
Here's how it works:
NYSERDA provides lenders up to 50 percent of the principal borrowed, to a maximum of $5,000 per unit or $500,000 per energy-saving project, at a 2% interest rate.
Example: A borrower who requests $50,000 to fund an approved project will pay the market rate interest rate on $25,000; the remaining $25,000 is paid at a 2% interest rate.
This innovative arrangement benefits both borrowers, who thus enjoy interest rates below market rate for loans up to $1 million, and lenders, who can open new relationships at reduced risk.
Financial benefits: The Green Jobs – Green New York financing program can serve as a powerful marketing and business development tool for your lending institution. Being able to lend money at half the market rate gives you a number of advantages, including:
- Enhancing your position against competitors who don’t participate.
- Introducing you to new customers who may benefit from your other services.
Eligibility: You may qualify to participate in the Green Jobs – Green New York financing program if your organization is a financial institution authorized by federal or State law to operate in New York State and is any of the following:
- Credit union insured by the National Credit Union Administration
- Community Development Financial Institution (CDFI)
- Commercial bank
- Trust company
- Savings bank
- Savings and loan association
- Foreign bank credit union
- Leasing subsidiary of a bank holding company or a leasing company owned by an eligible lender
Getting started: You can start taking advantage of this exceptional new business opportunity by following these simple steps. Start by downloading and completing the Green Jobs – Green New York Participation agreement [PDF].
View a summary of requirements for eligible projects on our Pre-Approval form [PDF] and program overview [PDF].
Call us at 1-866-NYSERDA.