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GJGNY Residential Financing – Renewable Energy Tax Credit Bridge Loans

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To:  Residential Contractors
From: Residential Financing Team
Programs:  EmPower+, Comfort Home, Residential Energy Assessment Program
Summary:  GJGNY Residential Financing – Renewable Energy Tax Credit Bridge Loans
Questions: residential.financing@nyserda.ny.gov

In January 2021, Green Jobs – Green New York (GJGNY) Residential Financing Program began offering the Renewable Energy Tax Credit Bridge Loans (Bridge Loan) to finance Federal, State, and New York City tax credits. The term of the Bridge Loan was 24 months with a balloon payment of principal and interest accrued, due at maturity. Customers are not eligible to convert the Bridge Loan to a term loan, and non-payment of the loan at maturity triggers collection procedures, including referral to the Attorney General’s office.

Upon NYSERDA’s review of the performance of all current Bridge Loans, the default rate is over twice that of the Smart Energy and On-Bill Recovery loans. Therefore, to reduce costs and promote the sustainability of the loan fund, NYSERDA will stop offering the Bridge Loan as part of the GJGNY Residential Financing Program.

This change is effective December 1, 2024, and applies to all Bridge Loan applications received on or after this date.

Questions about these changes may be submitted to residential.financing@nyserda.ny.gov.

Thank you,
NYSERDA’s Residential Financing Team