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Residential Loan Fund

Last Review: 2012-11-20
Incentive Type: State Loan Program
Eligible Efficiency Technologies: Clothes Washers/Dryers, Dishwasher, Refrigerators, Dehumidifiers, Water Heaters, Lighting, Furnaces, Boilers, Heat pumps, Central Air conditioners, Heat recovery, Programmable Thermostats, Duct/Air sealing, Building Insulation, Windows, Doors, Solar Water Heat, Biomass, Geothermal Heat Pumps
Applicable Sectors: Residential
Terms: Up to 4.0% below the lender rate for ten years; rate adjusted to maintain a floor interest rate of 3.0%
Incentive Amount: Varies
Expiration Date: 12/31/2012
Website: http://nyserda.ny.gov/Page-Sections/Residential/Programs/Existing-Home-Renovations/Residential-Loan-Fund-Program.aspx?sc_database=web

Summary:

The New York State Energy Research and Development Authority (NYSERDA) has extended the Participation Agreements of the Assisted Home Performance Program Lenders. Lenders may continue to offer customers access to the Residential Loan Fund Program through December 31, 2012.

The New York Residential Loan Fund, administered by the NYSERDA, provides reduced-interest rate loans through participating lenders to finance renovation or construction projects that improve a home's energy efficiency. The level of interest rate reduction may be up to 4%, but is adjusted to maintain a floor rate of 3%. Loans are limited to residents in 1-4 family homes that are customers of one of the state's six investor-owned electric or natural gas utilities -- Central Hudson Gas & Electric Corporation, Consolidated Edison Company of New York, Inc., National Grid, New York State Electric & Gas Corporation, Orange and Rockland Utilities, Inc., or Rochester Gas and Electric Corporation -- and that pay the System Benefits Charge (SBC). Customers are eligible for loans of up to $20,000 for up to a 10-year loan term.

In order to qualify for the program, the customer must participate in the NYSERDA Home Performance with Energy Star Program and abide by the accompanying program rules and regulations. Formerly the loan program allowed participants in the NYSERDA Wind Incentive and Photovoltaic (PV) Incentive programs to apply for assistance; however, recent revisions to the Wind Incentive and PV Incentive programs do not allow participants to also take advantage of the Residential Loan Fund.

Please consult the Residential Loan Fund and NYSERDA Home Performance with Energy Star websites for additional program information.


Contact:
Joseph DeRosa
New York State Energy Research and Development Authority
17 Columbia Circle

Albany, NY 12203-6399
Phone:(518) 862-1090 Ext.3487
Phone 2:(877) 697-6278
Email: jgd@nyserda.ny.gov
Web site: http://www.nyserda.ny.gov

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