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NY-Sun Solar PV Financing

NYSERDA provides financial incentives for qualified utility rate payers who install a Photovoltaic (PV) system through a NYSERDA participating contractor. A properly sized and installed system can provide a significant percentage of your electric needs. In addition to the existing program incentives, the NY-Sun Solar PV Incentive Program offers three low-interest rate financing options, through Green Jobs - Green New York*, for residential buildings with four or fewer dwelling units and commercial buildings that are used by small business and not-for-profit organizations.

For residential customers, loans are available for up to $13,000, or up to $25,000 with higher cost-effectiveness standards, with repayment periods of 5, 10, or 15 years.

For small business and not-for-profit organizations, Participation Loans of up to $100,000 at half the market interest rate and On-Bill Recovery loans of up to $50,000 at 3% interest are available, with repayment periods of up to 10 years.

Option 1: On-Bill Recovery Loans provide the convenience of paying for energy improvements on your utility bill.

  • The current interest rate is 3.49% for residential loans and 3% interest for small business and not-for-profit loans. Interest rates are subject to change.
  • Payments will be included in monthly charges from your utility
  • Repayments are made through a monthly installment charge on your utility bill.
  • Monthly payments may not exceed the estimated energy cost savings from the energy upgrades, which means the energy savings may cover most or all of your loan payment.
  • Requires a declaration to be signed and filed by NYSERDA. The declaration is not a lien on the property, but is recorded to provide notice to others of the obligation under the loan note.
  • In the event your property is sold, the unpaid balance of the loan may be transferred to the new owners.
  • Learn more about the On-Bill Recovery LoansLink opens in new window - close new window to return to this page..
  • For full eligibility requirements and instructions on how to apply visit Energy Finance SolutionsLink opens in new window - close new window to return to this page. or call 1-800-361-5663

Option 2: Residential Smart Energy loans offer affordable interest rates, flexible terms and simple repayment options.

  • The current interest rate is 3.99%, or 3.49% if repaid through automatic bank withdrawls.  Interest rates are subject to change.
  • Repayments are made directly to NYSERDA’s loan servicer
  • For full eligibility requirements and instructions on how to apply visit Energy Finance SolutionsLink opens in new window - close new window to return to this page. or call 1-800-361-5663

Option 3: Small Commercial Participation Loans

  • NYSERDA partners with lenders to help small business and not-for-profit organizations access up to $100,000 in financing at half the market interest rate.
  • NYSERDA offers 50% of the project cost, up to $50,000, at 0% interest and the participating lender provides the remainder of the loan at the market interest rate.
  • Borrowers make loan payments directly to their lender like a typical loan.
  • Learn more about Small Commercial Participation Loans.

* The loan repayment period cannot exceed the useful life of the financed measures. Interest rates are subject to change. NYSERDA has the right to access a customer’s credit report, FICO score, and utility payment history, and perform similar credit-related activities for the purpose of evaluating an applicant’s creditworthiness. Financing, energy audits, and workforce development opportunities made available through the Green Jobs - Green New York Act of 2009.

Last Updated: 07/10/2014
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