FINANCING

There are a number of financing options to help pay for energy-related improvements.

ON-BILL RECOVERY LOAN

The On-Bill Recovery Loan is a NYSERDA loan in which your loan payments are built right into your utility bill. With this loan, your monthly payments may not exceed your estimated average monthly energy cost savings. So your energy savings essentially pay for your work. Loan amounts of $1,500-$25,000 with terms of 5, 10, or 15 years. Rates are 3.49% for low-income households, 4.99% for households with moderate income, and 5.99% or 6.99% for everyone else.

SMART ENERGY LOAN

The Smart Energy Loan is a more traditional NYSERDA loan with a monthly payment to NYSERDA's loan servicer. Amounts are from $1,500-$25,000 with terms of 5, 10, and 15 years. Rates range from 3.49% (for lower income households who pay by auto payment) to 7.49% (for upper income households who pay by check).

Property Assessed Clean Energy (PACE) Financing

The Property Assessed Clean Energy (PACE) Financing is innovative financing that is transferable and can cover 100% of project costs. You may also be interested in market-based financing through local banks in your area.

USDA Rural Energy for America Program (REAP)

The USDA Rural Energy For America program provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems or to make energy efficiency improvements. 

Funds may be used for renewable energy upgrades such as wind, solar, and geothermal installations as well as energy efficiency upgrades such as insulation, HVAC, and lighting.

Available funding includes: loan guarantees on loans up to 75 percent of total eligible project costs, grants for up to 50% of total eligible project costs, and combined grant and loan guarantee funding up to 75% of total eligible project costs. Renewable energy funding can provide as little as $2,500 and at most $500,000 and energy efficiency funding can provide as little as $1,500 and at most $250,000. For more information visit the REAP website. 

REAP Technical Assistance Program (RTAP)

The REAP Technical Assistance Program (RTAP) is designed to provide no-cost assistance to NY farmers applying for the USDA Rural Energy for America Program (REAP).

Through RTAP, farmers will receive hands-on support with updates to energy audits, assembling required supporting documentation, and completing REAP grant applications for project funding.

Get Started

Contractors and our Energy Advisors can provide additional information on these options