Energy Finance Solutions (EFS) is proud to originate loans on behalf of the New York State Energy Research and Development Authority (NYSERDA). NYSERDA offers New York State residents two reduced-interest rate loan products to finance qualified residential energy efficiency improvements, 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.
For a detailed comparison of the two products, please see NYSERDA’s Residential Loan Information sheet.
For both loans, improvements eligible for financing include energy efficiency improvements to a 1- to 4-unit residential building that have been approved by NYSERDA and are installed by a participating contractor. For a list of Participating Contractors, visit NYSERDA’s website, or call 1-866-NYSERDA.
NYSERDA offers incentives to qualified customers for energy efficiency and renewable technologies. Please visit the NYSERDA website or contact your contractor for further information.
If you have questions about the BPI Accreditation, please contact the Building Performance Institute at 1.518.899.2727 or visit www.BPI.org.
If you have questions about how to become a Participating Contractor, please contact Conservation Services Group (CSG) at 1.518.207.4500.
Customers who meet the following underwriting criteria may be approved for a loan:
|Maximum Debt-to-Income (DTI)*||40%||45%||50%||60%||No limit|
|Mortgage Payment History||Mortgage has been paid on-time for the past 12 months. No mortgage payments more than 60 days late during the past 24 months.|
|Bankruptcy, Foreclosure, Repossession History||None in the past 24 months|
|Outstanding Collections, Judgments, Liens, and Charge-offs||May not exceed $2,500|
|Prior GJGNY Loans||No customer will be eligible for a GJGNY Loan if the customer has a prior GJGNY Loan outstanding that is 30 days or more delinquent.|
*Debt-to-income (DTI) is a measure of existing debt payment obligations (mortgage, auto loan, student loan, credit card payments, etc.) as a percentage of income.
This does not constitute a comprehensive list of loan underwriting guidelines. These standards are subject to change at NYSERDA's discretion.
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
- Income documents, such as tax returns, or pay stubs
- Recent utility bills (On-Bill Recovery Loan only)
- For the On-bill Recovery Loan, a title company under contract to NYSERDA will search public records to determine the ownership of the property.
- Additional items as necessary
A customer will be asked to sign certain agreements when his/her loan receives final approval:
|On-Bill Recovery Loan||Smart Energy Loan|
|Promissory Note||Unsecured Credit Agreement|
|Program Declaration||Notice to Borrower|
|Notice of Right to Cancel|
A $150 processing fee applies to all approved loans. This fee may be paid by check upon loan approval or maybe included in your loan. No fee is required to apply. Processing fees are assessed only for approved loans. Checks received as payment for processing fees will not be returned or refunded.
The 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. To obtain more information about the types of improvements that may be financed, view our Eligible Measures list.
NYSERDA offers incentives to qualified customers for energy efficiency and renewable technologies. Please visit the NYSERDA website or contact your contractor for further information. Find an eligible contractor with our contractor lists:
- New York contractor list - organized alphabetically (PDF)
- New York contractor list - organized by zip code (PDF)
Last updated 6/8/2022
Before you select from one of the four options below please download the document, "How to Participate in GJGNY Residential Financing" for a step-by-step instruction guide designed to assist you through the loan process.
The 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 NYSERDA’s loan products.
A) Apply online
Applying online is the fastest way to receive a decision. Click on the link below to submit an electronic application:
B) Print the application
Download the NYSERDA Residential Financing and Income Screening Application to apply for a loan and/or incentive. Download the NYSERDA Residential Household Income Screening Application to apply for an incentive only, or to have income screened for additional incentives in multi-unit dwellings. Your completed Residential Credit Application may be faxed to 608-249-5788 or mailed to: Your completed Residential Credit Application may be faxed to 1.608.249.5788 or mailed to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
C) Request an application packet by mail
You may request an application packet by mail by calling 1.800.361.5663.
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
- Current electric and gas (if applicable) utility bill (On-Bill Recovery 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
Beginning July 9, 2021 applications for NYSERDA’s AHPwES Subsidy program are no longer being processed by Slipstream EFS.
Applications for that program may be submitted at the following link starting July 16, 2021: nyserda.ny.gov/ahp-empower.