PSEG Long Island Customers with a total household income equal to or lower than 80% of State or Area Median Income (80% of State or Area Median Income), may be eligible to receive financial incentives through the PSEG Long Island Assisted Home Performance with ENERGY STAR® subsidy program.
Interested customers may also be eligible for two reduced-interest loan products through the Green Jobs-Green New York (GJGNY) program. For information on GJGNY loan products, please visit New York Financing for Energy Efficiency Projects.
Loan Approval Criteria:
Customers who meet the following underwriting criteria** may be approved for a loan:
|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
Project eligibility is subject to the review and approval of the PSEG Long Island Home Performance with ENERGY STAR® program. Please consult your program-eligible contractor for more information.
How to Apply
To be income screened, all applicants will be required to provide a completed PSEG Long Island Energy Audit, along with household income documentation.
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 New York Residential Financing and Income Screening Application to apply for a loan and/or incentive. Download the New York Residential Household Income Screening Application to apply for an incentive only.
Return one application form per household to EFS, with the required supporting income and audit documentation.
Your completed Residential Credit Application may be faxed to EFS at 608.249.5788 or mailed to:
Submit by mail or fax to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719