Residential Solar Incentives & Financing
NY-Sun makes going solar easier and more affordable for New York residents. We offer incentives and financing options to lower the cost of purchasing and installing solar at home.
Incentives
Find a ContractorNY-Sun works directly with solar contractors and developers to offset the cost for New York residents to go solar. Incentives are provided directly to your selected contractor and vary throughout the State. To find out what incentives you may be eligible for, work with a NYSERDA-approved participating contractor.
We offer additional incentives to some homeowners through Affordable Solar, which increases the amount received for households earning less than 80 percent of the median income in the area. Affordable Solar works just like other NY-Sun incentives, except it requires minor low-cost energy efficiency upgrades to your home and a complete Incentive Eligibility Application
. You can fill out and submit the application on your own or work with your contractor.
New York residents may also be eligible for an Inflation Reduction Act tax credit of up to 30% of the solar project cost.
Financing Options
In addition to incentives, NYSERDA offers loan options to help New Yorkers finance renewable and energy efficiency projects:
- On-Bill Recovery Loan
- Smart Energy Loan
- Renewable Energy Tax Credit Bridge Loan
These loans provide lower interest rates to low-income residents and to those who cannot qualify for traditional financing. Loan amounts and terms vary, see below for more information.
On-Bill Recovery Loans
What are they? Residential On-Bill Recovery loans make it easy to pay and manage installation costs by adding them as a line item to your monthly utility bill. If you decide to sell your home and move, the unpaid balance of the loan can easily be transferred to the new homeowners.
Interest Rates. Interest rates are subject to the customer’s credit qualification. Use the interest rate estimator to determine which rate may be available to you. Rates are subject to change.
Learn More. For full eligibility requirements and instructions on how to apply for a Residential On-Bill Recovery loan, visit Energy Finance Solutions or call 1-800-361-5663.
Smart Energy Loans
What are they? Through our residential Smart Energy loans, your repayments are made directly to NYSERDA’s loan servicer.
Interest Rates. Interest rates are subject to the customer’s credit qualification. Use the interest rate estimator to determine which rate may be available to you. Rates are subject to change.
Learn More. For full eligibility requirements and instructions on how to apply for a Smart Energy loan, visit Energy Finance Solutions or call 1-800-361-5663.
Renewable Energy Tax Credit Bridge Loan
What are they? The Renewable Energy Tax Credit Bridge Loan is a short-term loan product which enables you to finance federal and state tax credits and the NYC Real Property Tax Abatement for eligible renewable energy system products. The Bridge Loan has a balloon payment of principal and interest due at maturity and can be paid via check or ACH payment. You can pair this loan with a Smart Energy or On-Bill Recovery Loan (total cannot exceed $25,000).
Interest Rates. Interest rates are subject to the customer’s credit qualification. Use the interest rate estimator to determine which rate may be available to you. Rates are subject to change.
Learn More. Speak with your contractor. They can help you apply for the Renewable Energy Tax Credit Bridge Loan.
For additional information about residential financing, we encourage you to consult the New York Homeowner’s Guide to Solar Financing: Loans, Leases, and PPAs [PDF].