New York Financing for Solar Projects

Do I Qualify? | Agreements | How to Apply

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.

Only contractors participating in the NY-Sun Incentive Program (Participating Contractors) are eligible to perform the installation. For a list of Participating Contractors servicing your county, please call 1.866-NYSERDA or visit the NYSERDA NY-Sun Participating Contractor website.

If you have questions about how to become a Participating Contractor for the NY-Sun Incentive Program, please contact Leslie Polsinello with NYSERDA at 1.518.862.1090 ext. 3473 or Please reference the NY-Sun Incentive Program when contacting NYSERDA with questions.

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 for a loan:

Credit Score 540-599 600-679 680-779 780+
Debt-to-Income (DTI)* Up to 70%** Up to 75%** Up to 80%** No limit
Mortgage Payment History Mortgage has been paid on-time for the past 12 months. No mortgage payments more than 60 days late in 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
*Debt-to-income (DTI) is a measure of existing debt payment obligations (mortgage, auto loan, student loan, credit card payments, etc.) to your income.
**DTI is up to 100% for applicants who qualify for the Assisted Home Performance with ENERGY STAR 50% discount and up to 80% for applicants who qualify for the Affordable Solar Incentives or the Low or Medium Income (LMI) Pellet Stove Incentives..

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 electric utility bill (On-Bill Recovery Loans only)
  • For 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.

How to Apply

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:

Online credit 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 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 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
Fax: 608.249.5788