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.