Green Jobs – Green New York Residential Financing

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: [email protected]

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 [email protected].

Thank you,
NYSERDA’s Residential Financing Team

To: Residential Contractors
From: Residential Financing Team
Programs: EmPower+, Comfort Home, Residential Energy Assessment Program
Summary: GJGNY Residential Financing – Interest Rate Changes
Questions: [email protected]

Dear Participating Contractors:

NYSERDA will be making the following updates to the GJGNY Financing Program’s interest rates to support the program’s objectives of increasing efficiency, reducing cost, and making GJGNY residential loans more accessible to low-income households and disadvantaged communities.

   1) Change eligibility for the lower rates to only customers that meet the New York State Disadvantaged Community Criteria or reside in a US Census Block Group identified as where 50% or more of the population of the group has a household income of less than or equal to 80% Area Median Income (AMI) (“Designated Areas”). Customers living outside these Designated Areas, and who can provide household income documentation to show their household income is less than or equal to 80% AMI, would also be eligible for the lower rates. Customers not in a Designated Area or unable to show household income of lower or equal to 80% AMI would only be eligible for the higher interest rates. NYSERDA will update the web based geographic eligibility map to reflect this change. We anticipate this update to be completed by November 1, 2024.

   2) Recalibrate interest rates to better reflect market conditions. Interest rates for customers within a Designated Area or with household income of less than or equal to 80% AMI will increase from 3.99% to 4.5%, with the option of a 0.5% discount for Smart Energy Loans (SEL) when using automatic payments (ACH). Similarly, for customers outside of Designated Area or with household income greater than 80% AMI, interest rates will increase from 7.49% to 8.00%, with the option of a 0.5% discount for SEL when using ACH.

   3) Remove the 0.5% interest rate discount for On-Bill Recovery (OBR) loans. OBR loans have several fees associated with filing documents and title searches, which up until now had been paid by the Program. To date, the Program has incurred fee expenses of over $6.7 million. Removing the 0.5% discount will allow GJGNY to offset some of these expenses and fund additional loans.

These changes will come into effect on November 1, 2024, and will apply to all loan applications received on or after this date.

Thank you,

NYSERDA’s Residential Financing Team

To: Participating Contractors
Regarding Programs: Residential Financing Program
Summary: Change in process for OBR last deed of record searches
Contact: [email protected]

NYSERDA is changing the process when we request deeds due to the high number of On-Bill Recovery (OBR) loan applications for which a proforma is never submitted or the project does not pass the OBR cost effectiveness criteria. Effective immediately, EFS Slipstream will request deeds from the title company after the proforma has been approved rather than at the time of application. After the deed is received (about 5 days) the file will move forward to the QA stage and loan documents will be issued.

To: Contractors and Stakeholders
Regarding Programs: GJGNY Residential Financing Program
Summary: Companion Loans
Contact: [email protected]

In 2021, NYSERDA launched the Companion Loan which was available to Green Jobs – Green New York (GJGNY) financing customers who are fully utilizing the $25,000 GJGNY Loan for their energy efficiency or renewable energy project and need additional loan funding to pay for remaining project costs.

The funding for Companion Loans has almost been fully committed. While NYSERDA assesses available funding sources for the Companion Loans, effective immediately, NYSERDA is pausing the acceptance of any new applications for Companion Loans until further notice. However, all applications for Companion Loans which have been pre-approved or approved by Slipstream as of May 10, 2023 will be eligible for funding. Projects for which the Companion Loan may be required, but has not yet been applied for, will not be eligible. However, if you would like to tell NYSERDA about projects that were sold as of May 10, 2023 that expected a Companion Loan, but were not yet submitted for approval, please complete this form by Wednesday, May 31. NYSERDA will review to determine if assistance may be available.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 Ext. 3253.

Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

Sincerely,

The Residential Financing Team

To: Contractors and Stakeholders
Regarding Programs: GJGNY Residential Financing Program
Summary: Companion Loans
Contact: [email protected]

In 2021, NYSERDA launched the Companion Loan which was available to Green Jobs – Green New York (GJGNY) financing customers who are fully utilizing the $25,000 GJGNY Loan for their energy efficiency or renewable energy project and need additional loan funding to pay for remaining project costs.

The funding for Companion Loans has almost been fully committed. While NYSERDA assesses available funding sources for the Companion Loans, effective immediately, NYSERDA is pausing the acceptance of any new applications for Companion Loans until further notice. However, all applications for Companion Loans which have been pre-approved or approved by Slipstream as of May 10,2023 will be eligible for funding. Projects for which the Companion Loan may be required, but has not yet been applied for, will not be eligible.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 Ext. 3253.

Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

Sincerely,

The Residential Financing Team

To: Contractors
Regarding Programs: Residential Financing Program
Summary: Project Completion Forms & Updated Fuel Rates
Contact: [email protected]

Project Completion Forms:

Projects using the Green Jobs – Green New York (GJGNY) Residential Financing Loan program must submit a completion certificate signed by both the contractor and the customer. The completion certificates can be found on the Resources for Participating Contractors webpage and should be submitted directly to Slipstream.

For customers that are using the EmPower New York or the Assisted Home Performance with ENERGY STAR® (AHPwES) programs in conjunction with a GJGNY loan, the Post Install Measures Report should be completed and submitted. The Post Install Measures Report is also generated from EmpCalc. The EmpCalc generated report can be submitted to Slipstream as long as both the contractor and customer have signed it. Please note that the Post Install Measures Report is not the same as the Certificate of Completion – Audit & Direct Install Report. The Audit & Direct Install Report will not be accepted by Slipstream for GJGNY loans. Older completion forms will not be accepted after March 31, 2023.

For customers that are not using EmPower or AHPwES programs with a GJGNY loan (“Market Rate Customer”) the Certificate of Completion – GJGNY Residential Financing should be completed.

Updated Fuel Rates:

On March 8, 2023, an updated version of the air source and ground source savings calculators and the residential assessment tool will be available on the Resources for Participating Contractors webpage. This version includes updated fuel rates for calculation of loan cost effectiveness for use in the Web ProForma.

The updated fuel rates are based on a three-year average and for cost effectiveness calculations, NYSERDA uses volumetric charges including supply (commodity), transmission and distribution, and other charges applied based on the supply volume. Fixed charges included in the customer bill are not included for savings calculations because fixed charges are applied equally to each comparative use case and are therefore not a factor in the affordability analysis.

Only version 03.01.2023 will be accepted after March 8, 2023.

If you have any question, please reach out to [email protected], or contact Heather Clark, 518-862-1090 ext. 3253.Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

-The Residential Financing Team

To: Contractors
Regarding Programs: Residential Financing Program
Summary: Project Completion Forms & Updated Fuel Rates
Contact: [email protected]

Project Completion Forms:

Projects using the Green Jobs – Green New York (GJGNY) Residential Financing Loan program must submit a completion certificate signed by both the contractor and the customer. The completion certificates can be found on the Resources for Participating Contractors webpage and should be submitted directly to Slipstream.

For customers that are using the EmPower New York or the Assisted Home Performance with ENERGY STAR® (AHPwES) programs in conjunction with a GJGNY loan, the Post Install Measures Report should be completed and submitted. The Post Install Measures Report is also generated from EmpCalc. The EmpCalc generated report can be submitted to Slipstream as long as both the contractor and customer have signed it. Please note that the Post Install Measures Report is not the same as the Certificate of Completion – Audit & Direct Install Report. The Audit & Direct Install Report will not be accepted by Slipstream for GJGNY loans. Older completion forms will not be accepted after March 31, 2023.

For customers that are not using EmPower or AHPwES programs with a GJGNY loan (“Market Rate Customer”) the Certificate of Completion – GJGNY Residential Financing should be completed.

Updated Fuel Rates:

On March 8, 2023, an updated version of the air source and ground source savings calculators and the residential assessment tool will be available on the Resources for Participating Contractors webpage. This version includes updated fuel rates for calculation of loan cost effectiveness for use in the Web ProForma.

The updated fuel rates are based on a three-year average and for cost effectiveness calculations, NYSERDA uses volumetric charges including supply (commodity), transmission and distribution, and other charges applied based on the supply volume. Fixed charges included in the customer bill are not included for savings calculations because fixed charges are applied equally to each comparative use case and are therefore not a factor in the affordability analysis.

Only version 03.01.2023 will be accepted after March 8, 2023.

If you have any question, please reach out to [email protected], or contact Heather Clark, 518-862-1090 ext. 3253.Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

-The Residential Financing Team

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To: Participating Contractors
Regarding Programs: GJGNY Residential Financing Program
Summary: Launch of Web ProForma Plus

NYSERDA has launched our new web-based ProForma, to support the Green Jobs – Green New York (GJGNY) Residential Financing Program. The new platform, called Web ProForma Plus, will replace the current Excel ProFormas. You can access the Web ProForma Plus online.

A step-by-step Web ProForma Plus User Manual and a pre-recorded training video are posted on the Resources for Participating Contractors page.

The Excel version ProFormas will continue to be accepted until October 17, 2022.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 Ext. 3253.

Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

Sincerely, 
The Residential Financing Team

To: Participating Contractors
Regarding Programs: GJGNY Residential Financing Program
Summary: Launch of Web ProForma Plus

NYSERDA has launched our new web-based ProForma, to support the Green Jobs – Green New York (GJGNY) Residential Financing Program. The new platform, called Web ProForma Plus, will replace the current Excel ProFormas. You can access the Web ProForma Plus online.

A step-by-step Web ProForma Plus User Manual and a pre-recorded training video are posted on the Resources for Participating Contractors page.

The Excel version ProFormas will continue to be accepted until October 17, 2022.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 Ext. 3253. Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

Sincerely, 
The Residential Financing Team

To: All Participating Contractors
Regarding Programs: GJGNY Residential Financing Program
Summary: Web ProForma Plus launch – September 14, 2022
Contact: [email protected]

NYSERDA has launched our new web-based ProForma, to support the Green Jobs – Green New York (GJGNY) Residential Financing Program. The new platform, called Web ProForma Plus, will replace the current Excel ProFormas. The Web ProForma Plus can be accessed at http://proformaplus.nyserda.ny.gov/.

A step-by-step Web ProForma Plus User Manual and a pre-recorded training video are posted on the Resources for Participating Contractors page.

The Excel version ProFormas will continue to be accepted after the launch of the Web ProForma until October 17, 2022.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 Ext. 3253.

Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

Sincerely, 
The Residential Financing Team

To: All Participating Contractors
Regarding Programs: GJGNY Residential Financing Program
Summary: Web ProForma Plus launch – September 14, 2022
Contact: [email protected]

NYSERDA has launched our new web-based ProForma, to support the Green Jobs – Green New York (GJGNY) Residential Financing Program. The new platform, called Web ProForma Plus, will replace the current Excel ProFormas. The Web ProForma Plus can be accessed at http://proformaplus.nyserda.ny.gov/.

A step-by-step Web ProForma Plus User Manual and a pre-recorded training video are posted on the Resources for Participating Contractors page.

The Excel version ProFormas will continue to be accepted after the launch of the Web ProForma until October 17, 2022.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 Ext. 3253.

Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

Sincerely, 
The Residential Financing Team

To: All Participating Contractors
Regarding Programs: GJGNY Residential Financing Program
Summary: Web ProForma Plus launch – September 14, 2022
Contact: [email protected]

NYSERDA has launched our new web-based ProForma, to support the Green Jobs – Green New York (GJGNY) Residential Financing Program. The new platform, called Web ProForma Plus, will replace the current Excel ProFormas. The Web ProForma Plus can be accessed at http://proformaplus.nyserda.ny.gov/.

A step-by-step Web ProForma Plus User Manual and a pre-recorded training video are posted on the Resources for Participating Contractors page.

The Excel version ProFormas will continue to be accepted after the launch of the Web ProForma until October 17, 2022.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 Ext. 3253.

Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

Sincerely, 
The Residential Financing Team

No Announcements

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To: Contractors offering NYSERDA Green Jobs – Green New York (GJGNY) Residential Loans
Regarding Programs:Assisted Home Performance with ENERGY STAR® (AHP), GJGNY Residential Financing Program, NY-Sun, NYS Clean Heat, Comfort Home, Residential Energy Audit Program
Summary: Web ProForma Launch
Contact: [email protected]

NYSERDA is getting closer to the rollout of our new web-based ProForma, to support the Green Jobs – Green New York (GJGNY) Residential Financing Program. The new platform, called Web ProForma Plus, will replace the current Excel ProForma.

Due to some technical issues the launch of the Web ProForma Plus will be delayed until September 14, 2022.  A step-by-step Web ProForma Plus User Manual and a pre-recorded training video will be posted on the Resources for Participating Contractors page upon the Web ProForma Plus launch.  NYSERDA will be hosting live training sessions on the new platform to provide contractors with an in-depth walk through of the process.  Information relating to these training sessions (dates, times, and meeting links) will be sent out in the coming weeks.

Due to the delay in the Web ProForma Plus launch, the Excel version ProForma will continue to be accepted after the launch of the Web ProForma until October 17, 2022.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 ext. 3253.Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

To: Contractors offering NYSERDA Green Jobs – Green New York (GJGNY) Residential Loans
Regarding Programs: Assisted Home Performance with ENERGY STAR® (AHP), GJGNY Residential Financing Program, NY-Sun, NYS Clean Heat, Comfort Home, Residential Energy Audit Program
Summary: GJGNY Financing and Audit Changes to Eligible Measures
Contact: [email protected]

Note – Date Change!

The 2019 Climate Leadership and Community Protection (Climate Act) calls for a major reduction in the use of fossil fuels for vehicles, buildings, and power plants to help protect our communities and ensure a sustainable future for every New Yorker. By doing our part, we’ll lower harmful emissions in the air we breathe while transforming New York’s economy, creating new jobs, and building more resilient communities.

In support of the Climate Act, NYSERDA is making the following changes to the Green Jobs – Green New York (GJGNY) Residential Financing Program and the Residential Energy Audit Program, effective September 14, 2022. 

Green Jobs – Green New York (GJGNY) Residential Financing Program Changes

1. Fossil fuel heating equipment

NYSERDA will end GJGNY financing for delivered non-natural gas fuel heating equipment (oil, propane, kerosene, wood), except in a “no-heat” situation for low- to moderate-income (LMI) customers (customers with a household income of less than or equal to 80% of the Area Median Income).  A “no-heat situation” is defined as a home where the primary heating source is inoperable, and the home cannot be served by the OTDA Home Equipment Repair and Replacement (HERR) program.  Market-rate customers (customers with household income > 80% AMI) will not be eligible for the “no-heat exception”.

2. Natural gas furnaces

For installed natural gas furnaces, NYSERDA will now require electric savings from ECM motors included in the work scope, be 96% efficient, and replace a furnace that is 80% efficient or less. Mobile Homes may use 95% mobile home rated furnaces.

3. Fossil fuel water heating equipment

NYSERDA will only provide financing for heat pump water heater (HPWH) and electric resistance domestic hot water equipment.  Financing will end for fossil fuel water heaters except in health and safety situations where power vent natural gas water heaters may be installed when HPWH are not viable.  It is recommended that electric resistance heaters only be used in those cases when a HPWH cannot be installed, and the existing water heater is non-functioning.  Only HPWH will be considered a prequalified measure. 

4. Electric to natural gas dryer conversions

No longer eligible for financing

See the updated list of the measures eligible for financing, effective September 14, 2022.  If you have any questions about these changes, please contact Heather Clark at [email protected] or 518-862-1090 ext. 3253.

To: Contractors offering NYSERDA Green Jobs – Green New York (GJGNY) Residential Loans
Programs: EmPower New York & Assisted Home Performance with ENERGY STAR^®,GJGNY Residential Financing Program; NY-Sun; NYS Clean Heat; Comfort Home; Residential Energy Audit Program
Summary: ProForma Launch
Contact: [email protected]

NYSERDA is excited to announce the rollout of our new web-based ProForma, to support the Green Jobs – Green New York (GJGNY) Residential Financing Program. The new platform, called Web ProForma, will replace the current Excel ProFormas.

The Web ProForma will be launching August 22, 2022. Applications submitted to Slipstream/EFS starting on August 22, 2022 will need to include the Web ProForma. No Excel version ProFormas will be accepted after the launch of the Web ProForma.

Web Proforma Benefits:

• 24/7 online access
• One ProForma for all project types (energy efficiency, solar, heat pumps)
• Database to save all ProFormas by Contractor
• Versioning control

What is new?

• Web-based application that provides error checking on fields and calculations within the ProForma
• ProForma can be saved as a draft, and then “finalized”, which generates a PDF file for sending to EFS

What is staying the same? 

• Audit process is still the same; must be attached to a ProForma
• Finalized ProForma must be sent to Slipstream/EFS as it is today

A step-by-step user guide for the Web ProForma will be posted our Resources for Participating Contractors page upon the Web ProForma launch. NYSERDA will be hosting training sessions on the new platform to provide contractors with an in-depth walk through of the process. Information relating to these training sessions will be sent out in the coming weeks.

If you have any questions about these changes, please reach out to [email protected], or contact Heather Clark, 518-862-1090 Ext. 3253.

Thank you for your continued support and cooperation in making GJGNY Residential Financing Program a success.

Respectfully,
The Residential Financing Team

To: Contractors offering NYSERDA Green Jobs-Green New York (GJGNY) Residential Loans
Regarding Programs: EmPower New York & Assisted Home Performance with ENERGY STAR® GJGNY Residential Financing Program; NYSun; NYS Clean Heat; Comfort Home; Residential Energy Audit Program
Summary: GJGNY Financing and Audit Changes to Eligible Measures
Contact: [email protected]

The Climate Leadership and Community Protection Act (Climate Act) calls for a major reduction in greenhouse gas emissions from vehicles, buildings, and power plants to help protect our communities and ensure a sustainable future for every New Yorker. By doing our part, we’ll lower harmful emissions in the air we breathe while transforming New York’s economy, creating new jobs, and building more resilient communities.

In support of the Climate Act, NYSERDA is making the following changes to the Green Jobs – Green New York (GJGNY) Residential Financing Program and the Residential Energy Audit Program, effective August 22, 2022.

Green Jobs – Green New York (GJGNY) Residential Financing Program Changes

1. Fossil fuel heating equipment: NYSERDA will end GJGNY financing for delivered non-natural gas fuel heating equipment (oil, propane, kerosene, wood), except in a “no-heat” situation for low-to moderate-income (LMI) customers (customers with a household income of less than or equal to 80% of the Area Median Income). A “no-heat situation” is defined as a home where the primary heating source is inoperable, and the home cannot be served by the OTDA Home Equipment Repair and Replacement (HERR) program. Market-rate customers (customers with household income > 80% AMI) will not be eligible for the “no-heat exception”.
2. Natural gas furnaces: For installed natural gas furnaces, NYSERDA will now require electric savings from ECM motors included in the work scope, be 96% efficient, and replace a furnace that is 80% efficient or less. Mobile Homes may use 95% mobile home rated furnaces.
3. Fossil fuel water heating equipment: Only heat pump water heaters (HPWH) and electric resistance domestic hot water equipment will be eligible for NYSERDA financing. Financing will end for fossil fuel water heaters except in health and safety situations where power vent natural gas water heaters may be installed when a HPWH is not viable. It is recommended that electric resistance heaters only be used in those cases when a HPWH cannot be installed, and the existing water heater is non-functioning. Only HPWH will be prequalified measures.
4. Electric to natural gas dryer conversions: No longer eligible for financing

An updated list of the measures eligible for financing, effective late July 2022, is located online. If you have any questions about these changes, please contact Heather Clark or call 518-862-1090 ext. 3253

Residential Energy Audit Program Changes

Audit Tool Updates:

• Fossil fuel space and water heating equipment will no longer be a recommended upgrade.
• Fuel switching to natural gas will no longer be a recommended upgrade.
• Additional supplemental information will be available to homeowners to explain options to upgrading to heat pump technologies.

If you have any questions about the Residential Energy Audit program changes, please contact Laura Geel or call 518-862-1090 ext. 3446.