NYSERDA - Residential Financing Options

June 30, 2025

Summary

NYSERDA offers a suite of loans under the Green Jobs-Green New York (GJGNY) Program to help New York State residents finance energy efficiency improvements, and renewable energy systems. Eligible projects include the purchase and installation of solar photovoltaic systems, ground source heat pumps, air source heat pumps, and energy efficiency improvements. Prior to accessing a NYSERDA loan, homeowners must have an energy assessment or audit that identifies energy services to be undertaken.

Homeowners could be eligible for up to $25,000 in loans for energy efficiency improvements or renewable energy installation at one-to-four family residential properties. Interest rates, repayment terms, and cost effectiveness requirements vary between each type of loan. Loans over $13,000 are required to have a payback period of less than 15 years. Interest rates are subject to change, check available residential rates here. See a summary of loan approval criteria here.

On-Bill Recovery (OBR) Loan:

The OBR Loan is available to homeowners who are named on the utility account, and serviced by Central Hudson, Con Edison, PSEG-Long Island (must apply directly through utility), NYSEG, National Grid (upstate customers only), Orange & Rockland, or Rochester Gas & Electric. With the OBR Loan, loan payments are paid as part of the customer's utility bill. Estimated average monthly energy cost savings must be greater than monthly loan payments to use this loan. Loan amounts vary from $1,500 - $25,000 with a term of 5, 10, or 15 years. Loan balances may be transferred to a new owner when the home is sold, as long as written notice is provided to the new owner.

Smart Energy Loan:

The Smart Energy Loan is a traditional loan that is repaid monthly via check or automatic payment. To qualify for this loan, applicants must own the home or be an authorized representative of the property owner. Loan amounts vary from $1,500 - $25,000 with a loan term of 5, 10, or 15 years. If the property is sold or transferred, the applicant remains responsible for the balance of the loan.

Homeowners may use loans for the following programs

EmPower+: Offers income-qualified homeowners a comprehensive, whole-home approach, plus discounts up to 50% of eligible improvement costs, to enhance energy efficiency and home comfort while saving money. The loans may be used for the purchase and installation of energy efficient upgrades.
Comfort Home Program: Offers incentives for installing seal and insulate packages through qualified contractors who can also help identify where your home is wasting energy. Use the loans for the purchase and installation of energy efficiency upgrades.
NY-Sun: Offers programs and incentives to reduce the costs of solar energy for New York residents and businesses.
NYS Clean Heat: Offers incentives for installing heat pumps, a more efficient heating and cooling option that eliminates the use of fossil fuels. Use the loans for purchase and installation costs of air source heat pumps, ground source heat pumps, and heat pump water heaters.
PSE&G Home Performance: Offers PSE&G customers a whole-home approach to energy efficiency and can lower energy costs plus offers rebates on energy-saving home improvements plus offers. Loans may be used for the purchase and installation of energy efficient upgrades.
PSE&G Home Comfort Program: Offers PSE&G customers more efficient heating and cooling options that eliminate fossil fuels. Loans may be used for the purchase and installation costs of air source heat pumps.

Income Eligible Households:

Through NY Energy Advisor, income-eligible residents and affordable housing owners can receive a customized list of energy-related assistance programs to help pay energy bills and make energy-related improvements.

Program Overview

Implementing Sector:	State
Category:	Financial Incentive
State:	New York
Incentive Type:	Loan Program
Web Site:	https://www.nyserda.ny.gov/All-Programs/Residential-Financing-Options
Administrator:	New York State Energy Research and Development Authority (NYSERDA)
Start Date:
Eligible Renewable/Other Technologies:	Solar Water Heat Geothermal Electric Solar Photovoltaics Biomass Refrigerators/Freezers Dehumidifiers Equipment Insulation Water Heaters Lighting Furnaces Boilers Heat pumps Air conditioners Programmable Thermostats Duct/Air sealing Building Insulation Custom/Others pending approval Other EE LED Lighting
Maximum Loan:	$1,500 - $25,000
Loan Term:	On-Bill Recovery Loan: 5, 10 or 15 years Smart Energy Loan: 5, 10, or 15 years Renewable Energy Tax Credit Bridge Loan: 2 years
Interest Rate:	Varies

Contact

Name:	Residential Financing Programs
Organization:	NYSERDA
Address:	17 Columbia Circle Albany NY 12203
Phone:	(518) 862-1090
Email:	residential.financing@nyserda.ny.gov

This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.