Residential Financing
There are a number of financing options to help pay for energy-related improvements. Contractors and Energy Advisors can provide additional information on these options.
The Residential Clean Energy Credit provides a tax credit of up to 30% for solar electric panels,, solar hot water heaters, wind turbines, geothermal heat pumps, fuel cells, and battery storage technology.
The On-Bill Recovery Loan is a NYSERDA loan for homeowners in which your loan payments are built right into your utility bill. With this loan, your estimated average monthly energy cost savings must be greater than your monthly loan payments. This way, your energy savings essentially pay for the work done to your home over time. Eligible measures include the purchase and installation of solar photovoltaic systems, ground source heat pumps, air source heat pumps, and energy efficiency improvements. Loan amounts of $1,500-$25,000 are available with terms of 5, 10, or 15 years. Note that interest rates are subject to change.
The NYSERDA Smart Energy Loan is more traditional, with a monthly payment to NYSERDA's loan servicer. Eligible measures include the purchase and installation of solar photovoltaic systems, ground source heat pumps, air source heat pumps, and energy efficiency improvements. Loan amounts of $1,500-$25,000 are available with terms of 5, 10, or 15 years. Note that interest rates are subject to change.
Other Financing Options
Your contractor may be able to offer you other financing options, and some local banks may offer special loans for energy projects. Home equity loans can also be useful for energy-related improvements.