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

NY-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. You will need to work with a NYSERDA-approved participating contractor to find out if you are eligible for NY-Sun incentives.

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 Affordable Solar Incentive Eligibility Application [PDF]. You can fill out and submit the application on your own or work with your contractor.

To find out what incentives you may be eligible for, find a participating contractor in New York State.  

Financing Options

In addition to incentives, NYSERDA offers On-Bill Recovery, Smart Energy, and Companion loan options for residents to help New York State residents finance renewable and energy efficiency projects. These loans provide lower interest rates to lower-income New Yorkers and to those who cannot qualify for traditional financing. For projects that exceed these loan amounts, you can access the Companion Loan for additional financing.

Loan amounts are available from $1,500 to $25,000 with loan terms of five, 10, or 15 years.

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]

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. We encourage you to use our 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 SolutionsLink opens in new window - close new window to return to this page. 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. We encourage you to use our 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 SolutionsLink opens in new window - close new window to return to this page. or call 1-800-361-5663.

Companion Loans

What are they? Through our Companion Loan, you can access additional financing for projects that exceed the $25,000 cap on the On-Bill Recovery and Smart Energy loans. To access the Companion Loan, you must first fully utilize the $25,000 On-Bill Recovery and Smart Energy Loan.

Interest Rates. 6.49% (pay by ACH) or 6.99% (pay by check).

Learn More. Speak with your contractor. They can help you apply for the Companion Loan.

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) and a Companion Loan.

Interest Rates. Interest rates are subject to the customer’s credit qualification. We encourage you to use our 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.