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Solar Photovoltaic Financing

NYSERDA provides financial incentives for qualified homeowners who install a PV system through a participating contractor. A properly sized and installed system can provide a significant percentage of your electric needs. In addition to the existing program incentives, NYSERDA now offers two low-interest rate financing options for residential buildings with four or fewer dwelling units.

For those that want to take advantage of low interest financing, the Solar PV Incentive Program offers two options through Green Jobs – Green NY.* Both loan options offer up to $13,000 per applicant, up to $25,000 if the project meets higher cost-effectiveness standards, and repayment periods of 5, 10, or 15 years.

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

  • The current interest rate* is 3.49%
  • Payments will be included in monthly charges from your utility
  • Your annual loan payment is calculated to not exceed the anticipated amount of money you save on energy costs
  • When you sell your home you will have the option to transfer the unpaid balance of loan to the new owners
  • Requires an On-Bill Recovery Program Declaration. The Declaration is not a lien on the property, but is recorded in a similar way as a Mortgage to provide notice to others of the obligations under the loan transaction.
  • Learn more about the On-Bill Recovery Loans.

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

  • The current interest rate* is 3.99% or 3.49% if you pay via automatic bank withdrawals
  • Repaid monthly directly to NYSERDA’s loan servicer

For full eligibility requirements and instructions on how to apply for either loan, visit Energy Finance SolutionsLink opens in new window - close new window to return to this page. or call 1-800-361-5663

* 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 NY Act of 2009.
Last Updated: 03/17/2014
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