Senator Farley Announces New Residential Energy Finance Program to Begin Jan. 30th

A new program that will be administered by the New York State Energy Research and Development Authority (NYSERDA) will go into effect on January 30th and will provide an opportunity for homeowners to finance energy-efficent home improvements through their monthly power bills.

This financing program may not be for everyone, but is certainly worth investigating as homeowners seek ways to reduce their energy use. Called the On-Bill Recovery Loan Program, there is no separate bill to pay. The installment payments are made as part of your monthly bill, and should be offset by the money the homeowner saves on energy. Interest rates can be as low as 2.99% and may be tax deductible. One requirement, however, is that participants must be part of the Home Performance with Energy Star Program and have a BPI accredited contractor perform a comprehensive home energy assessment.

For more information on how the program works, visit NYSERDA at these links:

http://www.nyserda.ny.gov/Home/About/Statewide%20Initiatives/On%20Bill%20Recovery%20Loan%20Program.aspx

http://www.nyserda.ny.gov/en/About/Statewide-Initiatives/On-Bill-Recovery-Loan-Program/FAQ.aspx

http://www.nyserda.ny.gov/Home/About/Statewide%20Initiatives/~/media/Files/About/Statewide%20Initiatives/On%20Bill%20Recovery%20Loan/NYSERDA%20Residential%20Financing%20Product%20Information.ashx