New York: LIPA Home Performance with
ENERGY STAR®
| Loan Features | Current Interest Rates |
| Eligible Measures | How to Apply |
The Long Island Power Authority (LIPA) is currently offering a low interest rate loan program to homeowners for the installation of qualified energy efficient improvements. The LIPA Home Performance with ENERGY STAR® Loan Program is available to all customers of Long Island Power Authority whose primary heat source is electricity or who have central air conditioning.
Loan Features
Key features of an EFS loan:
Only approved Building Performance Institute (BPI) certified contractors are eligible to perform the installation under this program. For a list of approved contractors please contact the call center at 1.877.ESTARLI (1.877.378.2754).
- 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
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Current Interest Rates
FICO Credit Score
Credit Score Interest Rate 640 - 679 10.75% 680-719 8.99% 720+ 7.50% 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 Duct Sealing (ONLY for Central Air Conditioning or Heat Pump ducts located in an attic, crawl space or other unconditioned area.) Documented reduction of at least 10% of cfm flow based on approved diagnostic methodology. Sheet metal and flexible ductwork must
be sealed at all duct connections using
UL 181B Mastic or similar product designed
for sealing ducts. Duct leaks must be
sealed with fiberglass mesh & mastic, mechanical fasteners, or foil tape, but
duct tape is not an allowable duct sealing material. Aluminum FSK tape may be
used on ductboard systems and at the connections to the air handler cabinet.
B) Cooling Systems
Important! See additional notes regarding eligible measures and accessories.
Cooling System Type Minimum Efficiency Requirements Through the wall Room Air Conditioner (must
be combined with at least one major measure installed by the contractor, such as air sealing, insulation, or water heater)CEE Tier 2; installation must be tightly sealed
and confirmed by blower door test. Refer to CEE website: cee1.org
C) Water Heating Systems
ONLY for replacement of existing Electric Water Heater.
Important! See additional notes regarding eligible measures and accessories.
Water Heating System Type Minimum Efficiency Requirements Propane or Oil EF .62 (40-gallon stand alone; EF .82
instantaneous & tankless)Electric EF .93 Indirect-fired Tank tied to Propane or Oil Boiler UL Approved
D) Building Shell
Important! See additional notes regarding eligible measures and accessories.
Building Shell Type Minimum Efficiency Requirements Insulation (attic, wall, floor, band/rim joist,
basement, crawlspace, and overhang)NYS Energy Conservation Code compliant Air Sealing Documented reduction of at least 10%
cfm50 based on pre- and post-
blower door test results.Replacement Windows NFRC-rated SHGC .44 AND U-Value of
.35 or lower. (ALL windows must be located
within conditioned space.)Storm windows and Storm Doors No minimum efficiency requirement; If storm
window is to be applied to sliding window,
interior storm application is required.Exterior Doors R-4.4
E) Other
Service contracts and warranties on the above appliances also qualify for financing.
Measure Type Minimum Efficiency Requirement New Mechanical Ventilation or Repairs/upgrades
to existing venting systems and power venting kits
(if required to optimize air sealing)If exhaust fan is newly installed or replaced, it
must be ENERGY STAR Qualified; for repairs
and replacements, system must operate
according to BPI best practices.Measures to provide sufficient combustion air
and prevent Combustion Appliance Zone (CAZ) depressurization, spillage, or inadequate draftAllowed when BPI-required combustion safety
tests indicate problems with CAZ depressurization, draft or spillage, per BPI standardsUpgrade of knob and tube wiring in order
to install insulationMeet all applicable codes F) Measures eligible for market-rate financing
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 LIPA.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:
ADDITIONAL NOTES: The measures described below may be included in an EFS energy improvement loan, but are not necessarily eligible for financing at the reduced interest rate. Measures listed below that are not eligible for financing at the reduced interest rate may be financed at a market-level interest rate.
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, "3 Easy Steps." 3 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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