NYSERDA - Energy Star Financing Program (New York)

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Summary

Last modified on September 25, 2013.

Financial Incentive Program

Place New York

Name NYSERDA - Energy Star Financing Program
Incentive Type State Loan Program
Applicable Sector Residential
Eligible Technologies Clothes Washers, Dishwasher, Refrigerators, Dehumidifiers, Water Heaters, Lighting, Furnaces, Boilers, Heat pumps, Central Air conditioners, Heat recovery, Programmable Thermostats, Duct/Air sealing, Building Insulation, Windows, Doors, Custom/Others pending approval, Solar Water Heat, Photovoltaics, Wind, Biomass, Geothermal Heat Pumps
Active Incentive No

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs
Amount Up to 100% of costs; loans from 2,500 - 20,000








Expiration Date 06/30/2011 (SBC III expiration)






Maximum Incentive 15,000 or 20,000, depending on applicant's credit score




Program Budget $60.1 million (July 2006 - June 2011); combined funding for new and existing single-family programs




Terms 5.99% APR; fixed loan terms of 3, 5, 7 and 10 years; Unsecured loan
Program Administrator Energy Finance Solutions
Website http://www.getenergysmart.org/SingleFamilyHomes/ExistingBuilding/HomeOwner/Financing.aspx#
Date added to DSIRE 2005-06-16
Last DSIRE Review 2011-01-20



References DSIRE[1]


Summary

NYSERDA, in partnership with Energy Finance Solutions (EFS), offers an unsecured loan for the installation of qualified energy efficient and renewable energy measures in owner-occupied 1-2 family homes. EFS administers the loans, but NYSERDA subsidizes the interest rates, resulting in favorable terms for program participants.

To initiate the loan, a Comprehensive Home Assessment (CHA) must be performed by a certified Building Performance Institute (BPI) contractor, which may cost a small fee. After the CHA is performed, the borrower will work with the contractor to decide what improvements should be made. For any improvements and replacement appliances, the borrower will sign a customer contract and a “Home Performance Work Scope.” After a credit check and these forms are submitted, work may begin. Following completion of the work, a Certificate of Completion will be sent to the program administrator. Following review and approval, payment will be rendered directly to the contractor and the borrower will commence repaying the loan.

As with other programs funded by the state system benefits charge (SBC), eligibility is limited to homeowners who receive electric service from one of the following utilities:

  • Central Hudson Gas and Electric Corporation
  • Consolidated Edison Company of New York, Inc.
  • New York State Electric and Gas Corporation
  • National Grid
  • Rochester Gas and Electric Corporation
  • Orange and Rockland Utilities, Inc.
For further information on this program, please consult the program website(s) or use the contact information provided below.


Incentive Contact

Contact Name Public Information Officer (EFS)
Department Energy Finance Solutions

Address 431 Charmany Drive

Place Madison, Wisconsin
Zip/Postal Code 53719
Phone (800) 361-5663
Phone 2 (800) 969-9322

Email efs@energyfinancesolutions.com
Website http://www.energyfinancesolutions.com/
     
     

  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency (DSIRE)"