New York: NYSERDA Home Performance with
ENERGY STAR®
| Loan Features | Current Interest Rates |
| Eligible Measures | How to Apply |
The New York State Energy Research and Development Authority (NYSERDA) is currently offering a low interest rate loan program to homeowners for the installation of qualified energy efficient improvements. The New York Home Performance with ENERGY STAR® Loan Program is available to most residents of New York.
Loan Features
Key features of an EFS loan:
Only Building Performance Institute (BPI) Accredited contractors participating in NYSERDA's Home Performance with ENERGY STAR program are eligible to perform the installation. For a list of participating contractors, please call 877.NY.SMART or visit www.GetEnergySmart.org.
- Residential owner-occupied single-family and duplex homes
- Unsecured loan (homeowner provides no collateral)
- Borrowers can finance $2,500 - $20,000
- Fixed rate loan terms available: 3, 5, 7 and 10 years
- No fees, points, or closing costs
- No prepayment penalty
- Can finance 100% of installation costs
- Quick approval process - usually 30 minutes or less
If you have questions about the BPI Accreditation, please contact the Building Performance Institute at 518.899.2727 or visit www.BPI.org.
If you have questions about how to become a participating contractor in the Home Performance with ENERGY STAR program, please contact Conservation Services Group at 518.207.4500.
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Current Interest Rates
Click here for a loan calculator to view your monthly payment amount and show your interest cost savings available through NYSERDA's interest rate buydown.
ENERGY STAR Financing
Credit Score Interest Rate Annual Percentage Rate (APR) 640+ 5.99% 5.99% Note: Rates subject to change weekly.
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Eligible Measures
The Home Performance with ENERGY STAR Loan is designed to promote the installation of high efficiency measures, making your home more energy efficient. Therefore, all measures to be installed must meet minimum efficiency requirements to be eligible for financing. The following list provides you with the efficiency requirements of all measures eligible for financing. In addition, any measure type from this list that meets ENERGY STAR standards qualifies for financing.
A) Heating Systems
Important! See additional notes regarding eligible measures and accessories.
Heating System Type Minimum Efficiency Requirements Furnace: Natural Gas or LP AFUE 90%
(as long as not prohibited by local codes)Furnace: Fuel Oil AFUE 84% (below 85% AFUE, and not
ENERGY STAR labeled, requires another
major ENERGY STAR measure)Boiler - Hot Water AFUE 85% Boiler - Steam AFUE 81% Air Source Heat Pump (electric) 14 SEER/11.5 EER/8.5 HSPF Air Source Heat Pump (gas-fired) 1.2 COP (h)/1.25 COP (c) Ground Source Heat Pump ENERGY STAR qualified (closed-loop,
open-loop, or direct expansion)Wood/Wood Pellet Stove EPA phase 2 Duct Sealing UL 181B Mastic or other permanent sealant;
use of duct tape is disallowedPhotovoltaic Solar Electric Systems Refer to the powernaturally Web site
for eligible PV installersWind Turbines Refer to the powernaturally Web site
for eligible wind installers
B) Cooling Systems
Important! See additional notes regarding eligible measures and accessories.
Cooling System Type Minimum Efficiency Requirements Central Air Conditioner 14.0 SEER/11.5 EER Room Air Conditioner ENERGY STAR qualified
C) Water Heating Systems
Important! See additional notes regarding eligible measures and accessories.
Water Heating System Type Minimum Efficiency Requirements Natural Gas, Propane or Oil EF .61 (40 gallon stand-alone);
EF .78 (instantaneous)Electric EF .93 Indirect-fired Tank UL Approved Solar Solar Rating Certification Corp. Certified Wood Per-Heat Installed to National Plumbing Code Heat Pump Water heaters EF >2.0
D) Building Shell
Important! See additional notes regarding eligible measures and accessories.
Building Shell Type Minimum Efficiency Requirements Insulation (attic, wall, floor,
band joist, basement, crawl space)NYS Energy Conservation Code compliant Air Sealing Conducted by professional;
blower door guided strongly recommendedReplacement Windows or Glazing ENERGY STAR (NFRC rated U value
.35 or less) for climate/regionStorm windows and Storm Doors No minimum efficiency requirement Movable Window Insulation R-3 Exterior Doors R-4.4
E) Appliances
Service contracts and warranties on the above appliances also qualify for financing.Important! See additional notes regarding eligible measures and accessories.
Appliance Type Minimum Efficiency Requirements Dishwasher, Refrigerator, Freezer,
Clothes Washer, Dehumidifier (must be
combined with at least 1 major measure
installed by the contractor such as air sealing,
insulation, a heating system, or water heater.)ENERGY STAR qualified Heat/Energy Recovery Ventilator No minimum efficiency requirement Ventilation Fans ENERGY STAR qualified
(must vent to exterior of building shell)Photovoltaic Solar Electric Systems Components UL listed, or if grid-connected,
installed compliant with IEEE standardLight Fixtures ENERGY STAR qualified for compact
fluorescent, or electronic ballast for
fluorescent tubesThermostats ENERGY STAR qualified
F) Other
Listed below are health and safety measure available for low interest rate financing through NYSERDA. These measure can either be hard wired or battery operated.
- Smoke detectors
- Radon detectors
- Carbon monoxide detectors
The measures below are available for financing through Fannie Mae at the current Fannie Mae interest rates. These measures are not eligible for the interest rate subsidy through NYSERDA.
To qualify for the loan, 50% of the total improvements to be financed must be eligible energy efficient measures. The remaining 50% of the improvements may not include energy consuming products or equipment but may include the following:
- Sunrooms with a southern exposure
- Kitchen and bathroom remodeling
- Siding and roofing
ADDITIONAL NOTES: regarding eligible measures and accessories.
For further information on these exciting new measures now available for financing give us a call at 1.800-361.5663.
- Any costs associated with the installation of the measures listed below such as are also eligible for financing. (Work such as duct work, grills, diffusers, chimney liners, air cleaners, furnace humidifiers, thermostats, moisture barriers, attic venting, and service contracts or warranties.)
- When fuel switching to natural gas, any associated costs (Such as gas main extensions, service laterals, and piping) are eligible for financing if a new heating system or water heater complying with the relevant Minimum Efficiency Requirement is installed.
- When a heating or cooling system is replaced, asbestos abatement or electrical service upgrade necessary to install the new heating unit may be included.
- Radon and lead abatement work is eligible for financing.
- The cost of removing an oil tank is eligible for financing when done in connection with a heating system replacement.
- Services associated with the above eligible improvements (Energy Rating, blower door test, energy audit, or construction management).
- Repairs to the home due to water damage, molds and mildew, ice dams or other symptoms of poor building performance, are eligible for financing up to a maximum of $2,000 per customer, as long as the causes of building performance-related damage are being addressed. Additional repairs that are critical to achieving energy efficiency may be approved for inclusion in the loan.
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How to Apply
Before you select one of the four options below please download the document, "7 Easy Steps." 7 Easy Steps is a simple step by step instruction guide designed to assist you through the loan process.
Please note: Any homeowner with a credit history involving a foreclosure, bankruptcy, or repossession in the past 7 years will be ineligible for this loan.
Below are four ways that you can apply for the Energy Efficiency Improvement Loan Program.
A) Print the application
Click here to download the credit application. Please note the credit application is not a contract for a loan nor does it lock you into any commitment with a contractor. The credit application will allow us to proceed with your request for a loan to finance your improvement(s).B) Request an application packet by mail
You may request an application packet by mail by calling 1.800.361.5663.C) Apply online
If you have an accepted bid from an approved contractor and are ready to submit a full application or you have already been pre-approved and would like to complete the application - you can fill out the credit application online.If you apply online, a loan representative will contact you within a few hours to inform you of the loan decision. You will also be notified by mail.
D) Apply by phone
You may call 1.800.361.5663 to obtain a pre-approval by phone.In order to fully process your loan, you will need to mail or fax the following information in addition to the Credit Application:
- Copy of contractor's bid for the eligible home improvements. (The bid needs to be signed by the contractor and homeowner, list the eligible improvements, and indicate the total cost.)
- If your loan is over $4,000, you may need to provide proof of income. (Recent paystub showing year to date income, or if self-employed, provide a copy of the most recent federal tax returns)
Submit to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 608.249.5788
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