Tag Archives: Green Jobs Green New York

The Beauty of … Finance

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For many customers, NYSERDA’s Green Jobs – Green New York program promotes energy efficiency and the use of clean technologies to reduce both energy bills and greenhouse gas emissions through:

  • Free or reduced-cost energy assessments.
  • Cash incentives for energy-saving improvements.
  • Access to low-cost financing.

Too often, the last of these incentives is overlooked.  Homeowners, small businesses, not-for-profits, and folks with multifamily buildings can take advantage of NYSERDA’s financing programs, which can be the key to unlocking their savings potential.

For small business owners and not-for-profits, it starts with a Small Commercial Energy Assessment – a walk-through that identifies energy saving measures.  Cash incentives can cover a portion of cost associated with many of the measures identified.  The remaining costs – often the majority of the total – can be financed by one of two low-interest loan options. of two low-interest loan options.

In the Participation Loan Program, NYSERDA partners with lenders across New York State to offer loans up to $50,000 at half of market rate.  NYSERDA provides 50% of the loan at 0% interest.

This program is also available to multifamily property owners, to a maximum of $5,000 per unit or $500,000 per energy-saving project.  This innovative arrangement benefits both borrowers, who receive interest rates at about half the market rate for loans up to $1 million, and lenders, who can open new relationships at reduced risk.

Thanks to a law passed in 2010, NYSERDA offers On Bill Recovery Financing. This exciting program makes it possible for small businesses and not-for-profits to use the savings on their energy bills to pay for their energy efficiency upgrades. This “cash-positive” program is structured so that the expected monthly savings are larger than the payments a customer makes on the loan.  Plus, the loan is tied to the property; if a building owner sells the property, the monthly savings and payments transfer to the new owner.

To read more about these programs, including eligibility and participation requirements, go to NYSERDA’s Green Jobs – Green New York page.