| Incentive Type: |
State Loan Program |
| Eligible Efficiency Technologies: |
Clothes Washers/Dryers, Dishwasher, Refrigerators/Freezers, Dehumidifiers, Ceiling Fan, Lighting, Chillers, Furnaces, Boilers, Heat pumps, Air conditioners, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Motors, Agricultural Equipment, Custom/Others pending approval |
| Technologies: |
Photovoltaics, Wind, Geothermal Heat Pumps |
| Applicable Sectors: |
Commercial, Industrial, Residential, Nonprofit, Local Government, State Government, Fed. Government, Multi-Family Residential, Agricultural, Institutional, Healthcare Facility |
| Maximum Amount: |
$20,000 for 1-4 family homes
$2.5 million ($5,000/unit) for existing multi-family construction, plus an additional maximum of $2,500,000 for projects that include advanced meters
$1 million per borrower for all other non-residential facilities (plus additional $500,000 for Green Building Improvements) |
| Terms: |
4.0% below the lender rate for ten years
6.5% below the lender rate for certain commercial and multi-family borrowers in the Con Edison service area |
| Installation Requirements: |
Work performed on a 1-4 family home must be completed by a Building Performance Institute (BPI)-certified home performance contractor, with the exception of the purchase and installation of grid-connected photovoltaic systems and wind turbines, heat pump hot water heaters, and the purchase of ENERGY STAR® appliances. |
| Funding Source: |
System Benefits Fund |
| Expiration Date |
Current terms available through August 31, 2007 |
| Website: |
http://www.nyserda.org/loanfund/ |
The New York Energy $mart Loan Fund, administered by the New York State Energy Research and Development Authority (NYSERDA), provides reduced-interest rate loans through participating lenders to finance renovation or construction projects that improve a facility’s energy efficiency or incorporate renewable energy systems. Any commercial, industrial, retail, agricultural, non-profit, residential, or multifamily facility that is an electric distribution customer of one of the State’s six investor-owned utilities is eligible for this interest rate reduction program.
All facilities excluding 1-4 Family homes may also qualify for Green Building Improvement , up to $500,000. To be eligible for a loan for Green Building Improvements, the borrower must provide evidence that the building has been registered for LEED certification with the United State Green Building Council.
For grid-connected photovoltaic and wind turbine systems, a customer must first be approved to receive incentives through NYSERDA's Powernaturally program. Once a customer has been approved to receive these incentives, they may then apply to the Loan Fund for a low-interest loan for their out-of-pocket expenses.
To apply to the Loan Fund, complete the Loan Fund Borrower Package from NYSERDA in addition to the individual lender application. The current terms are available until August 31, 2007. |
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