Incentives and Financing Options
Participating Contractors performing Market Rate Home Performance with ENERGY STAR projects receive an incentive of 10% of the cost of eligible work, up to $3,000 for each job completed and reported to NYSERDA. Contractors can use this to help with general business expenses or can help to lower the cost for your customers, making the sale easier. It’s your choice on how you use these funds
Assisted Home Performance with ENERGY STAR Subsidy (Assisted Subsidy): Income-qualified participants may be eligible to receive a subsidy of up to 50% of the cost of eligible energy efficiency upgrades, up to $4,000 for single family home and up to $8,000 for two- to four-family homes. The Assisted Subsidy can be combined with any program financing option. Please refer to CRM Section 3.1 for more information about Assisted Home Performance with ENERGY STAR.
Customers may take advantage of loans to finance the installation of recommended energy efficiency improvements.
Smart Energy Loan: The Smart Energy Loan offers affordable interest rates and simple repayment options. The current interest rates range from 3.99% to 7.49%. A 0.5% interest rate discount is applied to these rates if the borrower selects automatic ACH payments prior to loan closing. The loan is repaid monthly directly to NYSERDA’s loan servicer, Concord Servicing Corporation. Up to 15%, not to exceed $2,000, in non-prequalified upgrades listed in Table 1 and Eligible Health & Safety Measures and Accessories in Table 2 may be included in a Smart Energy Loan without additional cost-effectiveness screening. For those projects where more than 15% of the cost is for items other than those on the Prequalified List, the estimated energy cost savings over the anticipated life of all eligible energy improvements must be at least 80% of the total principal and interest to be repaid on the loan.
On-Bill Recovery (OBR) Loan: The On-Bill Recovery (OBR) Loan provides homeowners the convenience of paying for energy improvements on their utility bill. The current interest rates range from 3.49% to 6.99%. The expected annual energy cost savings must be greater than the annual loan repayment. In other words, your energy upgrades should pay for themselves with the savings they create.
Interest rates and loans terms are subject to change. Full details about all Program Financing are available in Section 4 of the CRM and on NYSERDA’s website: http://www.nyserda.ny.gov/residential-financing.