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New York: Green Jobs-Green New York Financing Program for Photovoltaic (PV) 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 reduced-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:

LOAN PRODUCTS AND TERMS

Loan Type

Smart Energy Loan

On-Bill Recovery Loan

Eligible for Financing

Photovoltaic (PV) installations on existing 1- to 4- unit residential buildings by a participating PON 2112contractor.

Program Cost-Effectiveness Requirements

  • The total loan payments must be less than the estimated energy savings over the anticipated life of the improvements.
  • The monthly loan installment payment may not exceed 1/12th of the estimated average annual energy cost savings from the improvements over the loan term.
 

Loan payments refer to principal and interest payments on the loan.
Future energy savings will include forecasted utility rate increases of .8% per year.

Borrower Eligibility

  • An applicant and/or co-applicant who owns a 1- to 4- unit residential building, or who leases or manages such building and who has the authority to contract for energy efficiency improvements in the structure.
  • An applicant and/or co-applicant who owns a 1- to 4- unit residential building.
  • The applicant and/or co-applicant must be named on the utility account of one of the following participating utilities: Central Hudson, Con Edison, Long Island Power Authority/PSEG Long Island, National Grid (upstate NY customers only), New York State Electric and Gas Corporation, Orange & Rockland Utilities, Rochester Gas and Electric. (LIPA/PSEGLI customers who are on bi-monthly billing will be changed to monthly billing when the approved loan installment charge is placed on their bill)
 

At least one applicant must be an individual, but a legal entity may be included in the loan as a co-applicant.

Repayment Terms

  • Repaid directly to NYSERDA's loan servicer through monthly statement billing, or monthly electronic (ACH) payment.
  • If you sell or transfer your property, you remain responsible for the outstanding balance of the loan, which may not be assigned.
  • Nonpayment may subject you to a judgment, and NYSERDA is authorized under State law to certify amounts past due for collection by offset from income tax refunds or other payments due from the State.
  • Repaid through a NYSERDA Loan Installment charge on your utility bill, except in instances when utility service is terminated or suspended, at which time you will be billed directly by NYSERDA's loan servicer.
  • If you do not satisfy the remaining loan obligation prior to sale of your property, you must provide a notice to the purchaser. You will be responsible for any amounts billed by the utility up to the date of transfer. If agreed upon by the buyer and the seller, the remaining monthly installments will be billed to the new utility account holder.
  • Nonpayment of billing by utility may subject you to termination of utility service; nonpayment of billing by loan servicer may subject you to a judgment.

Loan Amount

  • Up to $13,000 (up to $25,000 if the simple payback is under 15 years, calculated by dividing the loan amount by the 1st year estimated energy cost savings).
  • Minimum loan is $3,000
  • Only one On-Bill Recovery Loan per account is allowed.

Loan Term

5, 10, or 15 years; term may not exceed expected useful life of measures

Interest Rate (subject to change)

3.99% Fixed Rate
(3.49% if the borrower repays through automatic ACH payment)

3.49% Fixed Rate

Fees

  • $150 Lender processing fee, which may be included in the amount financed
  • $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
  • $150 Lender processing fee, which may be included in the amount financed
  • Late payment fee of 1.5% of unpaid loan installment charges billed directly by NYSERDA's loan servicer
  • If borrower's utility service is terminated, may be subject to a reconnection fee from the utility
  • A past due balance on your utility account may subject you to a collection fee by the utility as authorized by the Public Service Commission
  • A returned payments fee may be charged by the utility as authorized by the Public Service Commission

Agreements

You will sign a Note with the Lender. Once the loan is disbursed, it will be purchased by NYSERDA and serviced by NYSERDA's loan servicer, Concord Servicing Corporation.

  • You will sign and have notarized a 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.

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 (or demonstrated history of satisfactory energy bill and mortgage payment);
  • acceptable level of income relative to outstanding debt obligations;
  • no bankruptcies, foreclosures, or repossessions within the last 7 years (5 years if demonstrated history of satisfactory energy bill and mortgage payment); 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 NYSERDA's PON 2112 (Participating Contractors) are eligible to perform the installation. For a list of Participating Contractors servicing your county, please call 866-NYSERDA or click here.

If you have questions about how to become a Participating Contractor in PON 2112, please contact Diane Stacy with NYSERDA at 518.862.1090 ext. 3297 or dms@nyserda.ny.gov. Please reference PON 2112 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).


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

  • FICO credit score of 640*
  • Debt-to-Income Ratio less than 50%
  • No bankruptcies, foreclosures, or repossessions in the past seven years
  • Outstanding collections, judgments, liens, and charge-offs may not exceed $2,500

*Customers who are self-employed and have been in business for two or more years must have a FICO score of 680 or higher. Customers who are self-employed and have been in business for less than two years must have a FICO score of 720 or higher.

Alternate Approval Standards:
Customers who are not approved through the primary approval process may still qualify for a loan if they meet the following criteria**:

  • Mortgage has been paid on-time for the past 12 months
  • Electric and gas accounts have been current for two consecutive months during each of the past two years and no payments more than 60 days past due during this time period -OR- electric and gas accounts have been current for nine of the past 12 months and no payments more than 60 days past-due during this time period.
  • No mortgage payments more than 60 days late during the past 24 months.
  • Oil/propane accounts must be current and must have been established for at least 24 months.
  • Debt-to-Income Ratio up to 55% - OR - up to 70% if FICO score is 680 or higher - OR - up to 100% for applicants who qualify for Assisted Home Performance with ENERGY STAR
  • No bankruptcies, foreclosures, or repossessions in the past five years
  • Outstanding collections, judgments, liens, and charge-offs may not exceed $2,500

Please note that this list does not constitute a comprehensive list of loan underwriting guidelines.

If you would like to pursue the Alternate Approval Process, please click here for information on how to obtain your utility payment and billing history.

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 the Home Performance with ENERGY STAR Loan.

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 Financing Product Information Sheet, 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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