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New York: Green Jobs-Green New York Financing Program for Photovoltaic (PV) and Solar Thermal Installations


|    Loan Features   |   Do I Qualify?   |
|    Eligible Measures   |    How to Apply   |
|    Assisted Home Performance with ENERGY STAR   |

Energy Finance Solutions (EFS) is proud to originate Green Jobs-Green New York (GJGNY) loans on behalf of NYSERDA (New York State Energy Research and Development Authority). NYSERDA offers New York State residents two low-interest rate loan products to finance qualified residential energy efficiency improvements and renewable energy projects, as authorized by the Green Jobs-Green New York Act of 2009 and the Power NY Act of 2011. The two loan products are: 1) a Smart Energy Loan repaid in installments to NYSERDA's loan servicer; and 2) an On-bill Recovery Loan, repaid through an installment charge on your utility bill.




Loan Features

Following is a summary of the terms and conditions of each type of loan:

 

On-Bill Recovery Loan

Smart Energy Loan

Interest Rate
(subject to change)

3.49% fixed rate 3.49% fixed rate (3.99% if paying by check)
Loan Amount
  • Up to $13,000 (up to $25,000 if the simple payback is less than 15 years, calculated by dividing the loan amount by the first year estimated energy cost savings)
  • $1,500 minimum loan amount

Loan Term

5, 10, or 15 years (term may not exceed expected useful life of energy improvements)

Repayment Terms

  • Repayments added to borrower's utility bill as a NYSERDA Loan Installment charge
  • If utility service is terminated or suspended, borrower will be billed directly by NYSERDA's loan servicer
  • If the loan obligation is not fully satisfied prior to the sale of the home, the borrower must provide notice to the purchaser; is responsible for amounts billed by the utility up to the date of transfer; and with agreement from the buyer, can transfer the remaining monthly payments to the new utility account holder
  • Non-payment of utility charges may result in termination of service; non-payment of the loan obligation may result in a judgment
  • Repayments made directly to NYSERDA's loan servicer via monthly statement billing or automatic bank withdrawal (ACH)
  • If home is sold or transferred, borrower is responsible for the outstanding balance of the loan and cannot be assigned
  • Non-payment of the loan obligation may result in a judgment; NYSERDA is authorized under State law to certify amounts past due for collection by offset from income tax refunds and other payments due from the State

Borrower Eligibility

  • Borrower (or co-borrower) must own the home and be named on the utility account of a participating utility: Central Hudson, Con Edison, PSEG-Long Island, National Grid (upstate customers only), New York State Electric and Gas Corporation, Orange and Rockland Utilities, or Rochester Gas and Electric
    (PSEG-Long Island customers who are on bi-monthly billing will be changed to monthly billing when the approved loan installment charge is placed on their bill)
  • A title company under contract with NYSERDA will search public records to verify ownership of the property
  • Borrower (or co-borrower) must own the home, or lease or manage the residential building and be an authorized representative of the owner
 

At least one borrower must be an individual, but a legal entity may be included as a co-borrower. Additional credit approval criteria apply (see below).

Eligible Home Energy Improvements

  • Photovoltaic (PV) and solar thermal (ST) installations on existing 1- to 4- unit residential buildings by a participating NY-Sun Incentive Program or PON 2149 contractor.

Cost-Effectiveness Requirements

  • Monthly payment may not exceed 1/12th of the estimated average annual energy cost savings from the improvements over the loan term
  • Pre-qualified eligible energy improvements are at least 85% of the total loan amount -OR-
  • Estimated energy cost savings over the anticipated life of all eligible energy improvements must be at least 80% of the total principal and interest to be paid on the loan
  Estimated energy cost savings include forecasted utility rate increases of .8% per year.

Fees

  • $150 origination fee (can be included in the loan amount)
  • Late payment fee equal to 1.5% of unpaid payments
  • Returned payment fee may be charged by the utility as authorized by the Public Service Commission
  • Past due balance on utility account may be subject to a collection fee by the utility as authorized by the Public Service Commission
  • If utility service is terminated, borrower may be subject to a reconnection fee from the utility
  • $150 origination fee (can be included in the loan amount)
  • $5 late payment fee
  • $20 fee for returned payments
  • Collection fee of up to 22% of amount due if not received within 90 days of due date, as authorized by State law

Agreements

  • Borrower must sign and have notarized a loan note with NYSERDA
  • All individuals or legal entity representatives named on the property deed must sign and have notarized an On-Bill Recovery Program Declaration, which will be filed by NYSERDA to provide notice to any subsequent purchaser of the property; the Declaration is not a lien on the property, but is recorded in a similar way as a mortgage to provide notice to others of the loan obligation
  • Only one On-Bill Recovery Loan per account allowed
  • Borrower must sign a loan note with NYSERDA's loan originator
  • When the loan is disbursed, it will be purchased by NYSERDA and serviced by NYSERDA's loan servicer

These standards are subject to change at NYSERDA's discretion.

To be approved for loans, an applicant and/or co-applicant must meet NYSERDA credit standards, which include:

  • satisfactory credit score;
  • acceptable level of income relative to outstanding debt obligations;
  • no bankruptcies, foreclosures, or repossessions within the last 2 years; and
  • not more than $2,500 in outstanding collections, charge-offs, liens and judgments.

If either applicant is unable to meet the eligibility requirements, the applicants may be able to meet combined eligibility requirements. If so, both will be listed as co-borrowers on the Note and will be jointly and severally liable.

The following information is reviewed to determine the applicant's eligibility for either loan:

  • Credit Application
  • A credit report inquiry will be made to obtain your FICO score, monthly obligations, and other information
  • Consent form to obtain payment history from energy service provider, if necessary
  • Additional items as necessary
  • For On-bill Recovery Loan, a title company under contract to NYSERDA will search public records to determine the ownership of the property

Click here to review the On-Bill Recovery Loan financing agreement (Note): Note.pdf
Click here to review the On-Bill Recovery Declaration agreement: Declaration.pdf


Only contractors participating in the NY-Sun Incentive Program or the Solar Thermal Incentive Program through PON 2149 (Participating Contractors) are elegible to perform the installation. For a list of Participating Contractors servicing your county, please call 866-NYSERDA or click here for the NY-Sun Incentive Program or click here for the Solar Thermal Incentive Program.

If you have questions about how to become a Participating Contractor for either the NY-Sun Incentive Program or the Solar Thermal Incentive Program, please contact Diane Stacey with NYSERDA at 518.862.1090 ext. 3297 or Diane.Stacey@nyserda.ny.gov. Please reference the NY-Sun Incentive Program or the Solar Thermal Incentive Program when contacting NYSERDA with questions.

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Do I Qualify for a Loan?

Green Jobs-Green New York Financing offers New York residents two loan approval processes, each providing access to the same low-interest rate. However, the interest rate will vary by loan product (On-Bill Recovery loan and the Smart Energy Loan).


Loan Approval Criteria:
Customers who meet the following underwriting criteria** may be approved through the primary approval process:

Credit Score 540-599 600-679 680 and above
Debt-to-Income (DTI)* Up to 70% Up to 75% Up to 80%**
Mortgage Payment History Mortgage has been paid on-time for the past 12 months.
Bankruptcy, Foreclosure, Repossession History None in the past 24 months
Outstanding Collections, Judgments, Liens and Charge-offs May not exceed $2,500

*DTI is a measure of existing debt payment obligations (mortgage, auto loan, student loan, credit card payments, etc.) as a percentage of income.
**DTI is up to 100% for applicants who qualify for the Assisted Home Performance with ENERGY STAR 50% discount.


This does not constitute a comprehensive list of loan underwriting guidelines. These standards are subject to change at NYSERDA's discretion.

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How to Apply

The GJGNY Residential Credit Application is not a contract for a loan, nor does it lock you into any commitment with a Participating Contractor. The credit application will allow EFS to proceed with your request for a loan to finance your energy efficiency improvement(s). The Credit Application allows you to select which loan option you prefer.

Below are four (4) ways to apply for low-interest financing.

A) Apply Online

Use the credit application online to receive a fast pre-approval for your loan request. If you apply online, a loan representative will contact you via email within a few hours to inform you of the loan decision. You will also be notified by mail.

B) Print the Application

Click here to download the credit application. Your completed Residential Credit Application may be faxed to 608.249.5788 or mailed to:

Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719

Click here to download the NYSERDA Residential Loan Information document, which provides information regarding the features and requirements for both loan products.

C) Apply by Phone

Contact an EFS Loan Specialist at 800.361.5663 to apply by phone. Please note that, while you may obtain an initial pre-approval based on information provided by phone, you will need to submit a Residential Credit Application online, by fax, or by mail before your loan request can receive final approval.

D) Request an Application Packet by Mail

You may request an application packet by mail by calling 800.361.5663.

Supporting documentation: In order to fully process your loan request, you will need to submit the following information in addition to the Credit Application:

  • Proof of Income
  • ACH Authorization Form (Smart Energy Loans only)
  • Property tax bill (Smart Energy Loans only)
  • Additional items may be requested based on your particular income and credit history.
  • Submit by mail or fax to:

    Energy Finance Solutions
    431 Charmany Drive
    Madison, WI 53719
    Fax: 608.249.5788

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Additional programs with access to GJGNY financing

Home Performance with ENERGY STAR®



Eligible Measures

The Home Performance with ENERGY STAR Loan Program is designed to encourage the installation of high efficiency measures to increase the energy efficiency of your home. All energy efficiency measures to be installed must meet minimum efficiency requirements to be eligible for financing. Click here for more information about the types of improvements that may be financed.

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Assisted Home Performance with ENERGY STAR

New York residents with a total household income equal to or lower than 80% of State or Area Median Income(whichever is greater), may be eligible to receive additional financial incentives through Assisted Home Performance with ENERGY STAR (AHP). Click here for more information on Assisted Home Performance with ENERGY STAR.

NOTE: The Assisted Home Performance with ENERGY STAR program provides financial incentives to income-eligible households for qualified Home Performance with ENERGY STAR measures, such as heating systems, insulation, and air sealing. The AHP program DOES NOT provide funding for the installation of photovoltaic (PV) systems.

To apply for Assisted Home Performance with ENERGY STAR, please download the application and return it with the required supporting documentation, to EFS.

Submit by mail or fax to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719

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