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.

Incentives

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 federal and/or New York State tax credits and rebates for getting solar.

Financing Options

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 Energize NY).

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 a 2.5% interest rate 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 a 2% interest rate. 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—Energize NY

What is it? Energize NY provides commercial building owners and not-for-profits with an alternative source of affordable financing for up to 100% of the cost of solar and energy efficiency projects of all sizes. This form of financing is commonly referred to as Property Assessed Clean Energy (PACE), helping businesses pay for the up-front costs of green initiatives, including solar panels.

Terms. Energize NY offers competitive interest rates based on market conditions. Flexible, customizable loan terms are available.

Learn more. Applying for Energize NYLink opens in new window - close new window to return to this page. financing is easy with an online application, fast approvals, and customer service to help you through the process.