Commercial Solar Incentives and Financing
NY-Sun offers incentives and financing options for New York businesses looking to go solar. Find out what options are available and which of them is right for your business.
NY-Sun works with solar contractors and developers to offset the cost of purchasing and installing a solar panel system for your business. The incentives provided vary throughout the State.
You will need to work with a participating contractor to see if you are eligible for NY-Sun incentives. In addition to incentive and financing options, your business may qualify for Inflation Reduction Act tax credits and/or New York State tax credits and rebates for getting solar.
When pairing energy storage and solar, you may be eligible for an energy storage incentive in addition to the current NY-Sun solar incentive. To learn more about pairing energy storage and new solar projects visit the Energy Storage Incentive program.
In addition to offering incentives, NY-Sun partners with private-sector financial institutions to offer loans for small and large businesses, as well as not-for-profit organizations. We offer three options for loans: small business/not-for-profit On-Bill Recovery loans, small commercial participation loans, and large commercial/industrial loans (via Energy Improvement Corporation (EIC).
Learn more about NY-Sun financing options below.
Small Business/Not-for Profit On-Bill Recovery Loans
What are they? On-Bill Recovery loans make it easy to pay and manage solar installation costs by adding them as a line item to your business’s monthly utility bill. If you decide to move your business to a new location, the unpaid balance of the loan can easily be transferred to the new property owners.
Terms. Small businesses and not-for-profits have access to loans of up to $50,000 at an interest rate of the the Wall Street Journal Prime Rate + 2%, fixed at closing, with a repayment period of up to 10 years.
Learn more. Find out more about the On-Bill Recovery Loan for Small Businesses and Not-for-Profits.
Small Commercial Participation Loans
What are they? NYSERDA partners with lenders to help small businesses and not-for-profit organizations access up to $100,000 in financing at a below-market interest rate and with flexible repayment periods.
Terms. NYSERDA offers a loan for 50% of the project cost, up to $50,000, at an interest rate of the the Wall Street Journal Prime Rate + 2%, fixed at closing, The participating lender provides the remainder of the loan at the market interest rate. Borrowers make loan payments directly to their lender as with a typical loan. The consolidated interest rate is subject to the customer’s credit qualification.
Learn more. Find out how to apply for Small Commercial Participation Loans.
Commercial/Industrial—Energy Improvement Corporation (EIC)
What is it? EIC is a New York State non-profit, local development corporation that operates EIC OPEN C-PACE for the benefit of its member municipalities, which include counties and cities across New York State, as well as towns in Westchester County.
Please visit us at www.eicpace.org