Residential Solutions Incentives
This information is in progress, check for updates.
NYSERDA Financing Options
NYSERDA offers two loan options to help New York residents finance energy efficiency and renewable energy home improvements made through NYSERDA’s programs. These loans provide lower interest rates to low-income New Yorkers and those who don’t qualify for traditional financing. To find the loan that works best for you, talk to your participating contractor. Loans are not incentives or rebates, and must be paid back.
These loan options can be used with the following NYSERDA programs:
- Assisted Home Performance with ENERGY STAR® use home assessments to inform homeowners where their house is wasting energy
- Residential energy efficiency loans for the purchase and installation of energy efficiency measures for New Yorkers that are not participating in the Assisted Home Performance with ENERGY STAR Program
- The NY-Sun program makes solar-generated electricity accessible and affordable by converting sunlight into electricity
- Renewable Heat NY supports the installation of high-efficiency, low-emission, wood-heating technology
- The purchase and installation of Ground Source Heat Pumps, also referred to as geothermal heat pumps
- The purchase and installation of Air Source Heat Pumps
On-Bill Recovery Loan
With the On-Bill Recovery Loan, your monthly payments may not exceed your estimated average monthly energy cost savings. Your loan payments are built right into your utility bill so you will not have an extra bill each month. Your energy savings essentially pay for your work.
- Interest rates are subject to change and interest rate availability is subject to the customer’s credit qualification. For available residential interest rates, click on the Find Interest Rate button.
- Loan payment is built into your utility bill
- Loan amounts from $1,500 – $25,000 with loan term of 5, 10 or 15 years
- Balance may be transferred to new owner when home is sold
- A declaration is filed with the County Clerk to record the obligation of the loan (this is not a lien on the property)
- You must own the home and be named on the utility account
- 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
- Electric customers of PSEG Long Island may be eligible, but must apply directly through their utility
Smart Energy Loan
Apply NowFind Interest RateThe Smart Energy Loan is a more traditional loan that you repay monthly via check or automatic payment.
- Interest rates are subject to change and interest rate availability is subject to the customer’s credit qualification. For available residential interest rates, click on the Find Interest Rate button.
- Monthly payments made to NYSERDA’s loan servicer
- Loan amounts from $1,500 – $25,000 with loan terms of 5, 10, or 15 years
- If you sell or transfer the property, you remain responsible for the balance of the loan
- You must own the home or be an authorized representative of the property owner
Loan Approval Criteria
The following table summarizes loan approval criteria, but it is not a comprehensive list of loan underwriting guidelines. These standards are subject to change at NYSERDA’s discretion.
* Debt-to-Income (DTI) is a measure of your existing debt payment obligations (mortgage, auto loan, student loan, credit card payments, etc.) to your income.
**DTI is up to 100% for applicants who qualify for the Assisted Home Performance with ENERGY STAR 50% discount and up to 80% for applicants who qualify for Affordable Solar Incentives or the Low or Medium Income (LMI) Pellet Stove Incentives.
