NYSERDA Residential Financing Program
Energy Finance Solutions is proud to originate loans on behalf of the New York State Energy Research and Development Authority. NYSERDA offers New York State residents reduced-interest rate loans to finance qualified residential energy efficiency improvements.
Customers can qualify for the following loan products:
- Smart Energy Loan - This loan available to help customers finance energy efficiency and mechanical improvements to their homes. It is repaid in installments to NYSERDA's loan servicer.
- On-Bill Recovery Loan - This loan available to help customers finance energy efficiency and mechanical improvements to their homes. It is repaid through an installment charge on your utility bill.
- Renewable Energy Tax Credit Bridge Loan – This loan is available to help customers finance eligible renewable energy systems and improvements.
The fine print
Select the loan product below to review the associated details and requirements.
Eligible Properties: You must own the home or be an authorized representative of the property owner
Loan Type: Unsecured.
Loan Amounts: $1,500 - $25,000
Loan Term: 5, 10, or 15 years
Loan Rates: These are subject to change. For available residential interest rates, review NYSERDA’s Find Interest Rate calculator.
Repayment: This is a traditional loan that you repay monthly via check or automatic payment (ACH). If you sell or transfer the property, you remain responsible for the balance of the loan
Eligible Properties: The home must be served by a participating utility, including: Central Hudson Gas & Electric, Con Edison, PSEG-Long Island, NYSEG, National Grid (Upstate NY customers only), Orange & Rockland, and Rochester Gas & Electric.
You must own the home and be named on the utility account
Loan Type: Unsecured. A declaration is filed with the County Clerk to record the obligation of the loan (this is not a lien on the property).
Loan Amounts: $1,500 - $25,000
Loan Term: 5, 10, or 15 years
Loan Rates: These are subject to change. For available residential interest rates, review NYSERDA’s Find Interest Rate calculator.
Repayment: Your loan payments are built right into your utility bill so you will not have an extra bill each month. Your monthly payments may not exceed your estimated average monthly energy cost savings. Your energy savings essentially pay for your work.
Eligible Properties: You must own the home or be an authorized representative of the property owner
Consult with a tax adviser to confirm your tax credit/liability, and the anticipated impact on your federal or state income taxes
Loan Type: Unsecured.
Loan Amounts: $1,500 - $25,000
Loan amount may not exceed the maximum of:
- Federal income tax credit of 26% for systems installed in calendar year 2021 and 2022 and a tax credit of 22% for systems installed in 2023.
- The New York State income tax credit for solar projects equal to the lesser of $5,000 or 25% of the net project cost.
- The NYC Real Property Tax Abatement of 5% of the net project cost (offered for a four-year period, but only one year can be included in the Loan).
Loan Term: 2 years
Loan Rates: These are subject to change. For available residential interest rates, review NYSERDA’s Find Interest Rate calculator. Interest accrues from loan origination.
Repayment: 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.
If you sell or transfer the property, you remain responsible for the balance of the loan.
What qualifies for financing?
These loan programs are designed to encourage the installation of high efficiency measures to increase the energy efficiency of your home. All energy efficiency measures to be installed must meet minimum efficiency requirements and be approved by NYSERDA to be eligible for financing. To obtain more information about the types of improvements that may be financed, view the Eligible Measures list.
- EmPower+
- Offers income-qualified homeowners a comprehensive, whole-house approach to improving energy efficiency and home comfort while saving money. Use the loans for the purchase and installation of eligible energy efficiency upgrades.
- Residential Energy Efficiency and Comfort Home
- Identifies where your home is wasting energy and how you can save money and improve your home’s comfort year-round. Use the loans for the purchase and installation of energy efficiency upgrades that are not participating in the EmPower+ Program.
- NY-Sun
- Makes going solar accessible and affordable. Use the loans to purchase and install solar at home. Note – You must work with a NYSERDA NY-Sun participating contractor to qualify for this program.
- Air and Ground Source Heat Pumps
- Offers more efficient heating and cooling option that eliminate fossil fuels. Use the loans for purchase and installation costs.
Aside from these loans, NYSERDA also offers incentives to qualified customers for energy efficiency and renewable technologies. Please visit the NYSERDA website or contact your contractor for further information.
Slipstream EFS is the loan originator and cannot answer project specific questions. All loans and projects must comply with the program requirements. For questions on those requirements, please contact your contractor or NYSERDA directly.
Help me find an approved contractor
You must use an authorized NYSERDA participating contractor to install the eligible energy efficiency improvements that make the most sense for your property. For a list of eligible contractors for standard efficiency improvements, use the search function below.
Only contractors participating in the NY-Sun Incentive Program (participating contractors) are eligible to perform the solar installation. For a list of participating contractors servicing your county, please call 1.866-NYSERDA or visit the NYSERDA NY-Sun Participating Contractor website.
How can I qualify?
Customers who meet the following underwriting criteria may be approved for a loan:
| Credit Score | 540-599 | 600-639 | 640-679 | 680-719 | 720+ |
|---|---|---|---|---|---|
| Maximum Debt-to-Income (DTI)* | 40% | 45% | 50% | 60% | No limit |
*Debt-to-income (DTI) is a measure of existing debt payment obligations (mortgage, auto loan, student loan, credit card payments, etc.) as a percentage of income.
| Mortgage Payment History | Mortgage has been paid on-time for the past 12 months. No mortgage payments more than 60 days late during the past 24 months. |
| Bankruptcy, Foreclosure, Repossession History | None in the past 24 months |
| Outstanding Collections, Judgments, Liens, and Charge-offs | May not exceed $2,500 |
| Prior GJGNY Loans | No customer will be eligible for a GJGNY Loan if the customer has a prior GJGNY Loan outstanding that is 30 days or more delinquent. |
This does not constitute a comprehensive list of loan underwriting guidelines. These standards are subject to change at NYSERDA's discretion.
The following information is reviewed to determine the applicant's eligibility for either loan:
- Credit Application
- A credit report inquiry will be made to obtain your FICO score, monthly obligations, and other information
- Income documents, such as tax returns, or pay stubs
- Recent utility bills (On-Bill Recovery Loan only)
- For the On-bill Recovery Loan, a title company under contract to NYSERDA will search public records to determine the ownership of the property.
- Additional items as necessary
Calculate your loan costs
Let us help you understand how much your loan will cost. Use our calculator for a quick estimate before you apply.
I'm ready to apply!
The Residential Credit Application is not a contract for a loan, nor does it lock you into any commitment with a Participating Contractor. The credit application will allow Slipstream EFS to proceed with your request for a loan to finance your energy efficiency improvement(s). The Credit Application allows you to select which loan option you prefer.
No matter how you apply, you will have to submit additional supporting documentation in order to fully process your loan request. You will need to submit the following information in addition to the credit application:
- Proof of Income - You may meet the income documentation requirements by either providing tax returns, or by documenting current sources of income for each borrower/co-borrower. Please see the “Income Information” section of the application for complete income documentation guidelines.
- Current electric utility bill (On-Bill Recovery Loans only)
- Additional items may be requested based on your particular income and credit history.
No fee is required to apply. A $150 processing fee applies to all approved loans. This fee may be paid by check upon loan approval or may be included in your loan. Checks received as payment for processing fees will not be returned or refunded.
There are three ways to apply:
- Apply online - Applying online is the fastest way to receive a decision. Complete and submit the online credit application. If you apply using the online portal, you will be able to upload your additional documentation directly.
- Print the application - Download the NYSERDA Residential Financing and Income Screening Application to apply for a loan. If the borrower is not a household member, also download the NYSERDA Residential Household Income Screening Application to income screen for a lower interest rate. Mail or fax your completed Residential Credit Application to Energy Finance Solutions (EFS) at the address below.
- Request an application packet by mail - Call 1.800.361.5663 if you would like us to mail you an application packet. Mail or fax your completed application to EFS at the address below.
Energy Finance Solutions
431 Catalyst Way
Madison, WI 53719
Fax: 608.249.5788