New York Financing for Energy Efficiency Projects

Please note that the NYSERDA financing application changed recently. EFS is only accepting applications which do not specify an interest rate (all versions of the 9.01.2016 application). Applications that include a specific interest rate will no longer be accepted.

Do I Qualify? | Agreements | Eligible Measures | How to Apply | Assisted Home Performance with ENERGY STAR®

Energy Finance Solutions (EFS) is proud to originate loans on behalf of the New York State Energy Research and Development Authority (NYSERDA). NYSERDA offers New York State residents two reduced-interest rate loan products to finance qualified residential energy efficiency improvements, as authorized by the Green Jobs-Green New York Act of 2009 and the Power NY Act of 2011. The two loan products are: 1) a Smart Energy Loan repaid in installments to NYSERDA's loan servicer; and 2) an On-bill Recovery Loan, repaid through an installment charge on your utility bill.

For a detailed comparison of the two products, please see NYSERDA’s Home Performance Residential Loan Information sheet.

For both loans, improvements eligible for financing include energy efficiency improvements to a 1- to 4-unit residential building that have been approved by NYSERDA and are installed by a participating BPI-accredited Home Performance with ENERGY STAR® contractor. For a list of Participating Contractors servicing your county, visit NYSERDA's Home Performance with ENERGY STAR website or call 1.866.NYSERDA.

If you have questions about the BPI Accreditation, please contact the Building Performance Institute at 1.518.899.2727 or visit www.BPI.org.

If you have questions about how to become a Participating Contractor in the Home Performance with ENERGY STAR Program, please contact Conservation Services Group (CSG) at 1.518.207.4500.

Do I Qualify for a Loan?

Customers who meet the following underwriting criteria** may be approved for a loan:

Credit Score 540-599 600-679 680 and above
Debt-to-Income (DTI)* Up to 70% Up to 75% Up to 80%**
Mortgage Payment History Mortgage has been paid on-time for the past 12 months and no 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
*DTI is a measure of existing debt payment obligations (mortgage, auto loan, student loan, credit card payments, etc.) as a percentage of income.
**DTI is up to 100% for applicants who qualify for the Assisted Home Performance with ENERGY STAR 50% discount.

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 utility bills (On-Bill Recovery Loan only)
  • For the 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

Agreements

A customer will be asked to sign certain agreements when his/her loan receives final approval:

On-Bill Recovery Loan Smart Energy Loan
Promissory Note Unsecured Credit Agreement
Program Declaration Notice to Borrower
Notice of Right to Cancel

A $150 processing fee applies to all approved loans. This fee may be paid by check upon loan approval or maybe included in your loan. No fee is required to apply. Processing fees are assessed only for approved loans. Checks received as payment for processing fees will not be returned or refunded.

Eligible Measures

The loan program is designed to encourage the installation of high efficiency measures to increase the energy efficiency of your home. All energy efficiency measures to be installed must meet minimum efficiency requirements to be eligible for financing. To obtain more information about the types of improvements that may be financed, view our Eligible Measures list.

How to Apply

Before you select from one of the four options below please download the document, "How to Participate in GJGNY Residential Financing" for a step-by-step instruction guide designed to assist you through the loan process.

The Residential Credit Application is not a contract for a loan, nor does it lock you into any commitment with a Participating Contractor. The credit application will allow EFS to proceed with your request for a loan to finance your energy efficiency improvement(s). The Credit Application allows you to select which loan option you prefer.

Below are four (4) ways to apply for NYSERDA’s loan products.

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 NYSERDA Residential Financing and Income Screening Application to apply for a loan and/or incentive. Download the NYSERDA Residential Household Income Screening Application to apply for an incentive only, or to have income screened for additional incentives in multi-unit dwellings. Your completed Residential Credit Application may be faxed to 608-249-5788 or mailed to:  Your completed Residential Credit Application may be faxed to 1.608.249.5788 or mailed to:

Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719

C) Request an application packet by mail

You may request an application packet by mail by calling 1.800.361.5663.

Supporting documentation: In order to fully process your loan request, you will need to submit the following information in addition to the Credit Application:

  • Proof of Income
  • Current electric and gas (if applicable) utility bill (On-Bill Recovery Loans only)
  • Additional items may be requested based on your particular income and credit history.

Submit by mail or fax to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 608.249.5788

Assisted Home Performance with ENERGY STAR / Occupant Income Screening

New York residents with a total household income equal to or lower than 80% of State or Area Median Income (whichever is greater), may be eligible to receive additional financial incentives through Assisted Home Performance with ENERGY STAR. Visit NYSERDA's website to obtain more information on Assisted Home Performance with ENERGY STAR.

To apply, download the NYSERDA Residential Household Income Screening Application, and return one form per household with the required supporting documentation, to EFS.

Submit by mail or fax to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719