Green New York - Financing for Solar Electric Systems
Have you been considering installing a solar electric system but weren’t sure if you could afford it? NY State has just made it even easier by providing low interest loans for solar electric systems. In addition to the already substantial incentives and tax credits, the new loan products make solar electricity within reach for even more New Yorkers. The financing is provided as part of New York’s Green Jobs Green NY program and is helping to keep New York on the forefront of the rapidly expanding green industry. “Solar is one of the fastest growing industries in the world and NY needs to be a part of this. Our future, economically and environmentally, depends on it”, says Northern Lights Energy President, Scott Shipley. NYSERDA, the New York State Energy Research and Development Authority, developed the program based on the Energy Smart loan program that supports the installation of energy efficiency technologies. There are two options for financing your solar electric system: On-Bill Recovery loans and Smart Energy Loans. On-Bill Recovery Loans allow homeowners to finance PV and energy efficiency improvements to their home through a charge on their utility bill. The repayment amount is based upon projected savings on the homeowner’s utility bills. Monthly payments may not exceed the expected amount of energy cost savings from the energy upgrades which means the energy savings may cover most or all of a homeowner’s payment. Smart Energy Loans offer affordable interest rates, flexible terms and simple repayment options. Monthly payments for a Smart Energy Loan are similar to conventional loans and are made to NYSERDA’s loan servicer by check or automatic bank withdrawals.