NYSERDA HAS REINSTATED SOLAR ELECTRIC TO THE SMART LOAN FUND
The New York Energy $martSM Loan Fund program is offered for the purpose of providing an interest rate reduction off a participating lender's normal loan interest rate for a term up to 10 years on loans for certain energy-efficiency improvements and/or renewable technologies. The interest rate reduction for most of the state is up to 4.0% (400 basis points). Con Edison customers may be eligible to receive an interest rate reduction up to 6.5% (650 basis points) less than a Participating Lender's or Lessor's normal market rate.
Residential borrowers (Existing 1-4 family homes) can qualify for reduced interest rates on loans up to $20,000 ($30,000 for Con Edison customers), used to finance certain energy-efficient improvements that have been pre-qualified by NYSERDA. Most improvements must be installed by a Building Performance Institute (BPI) - Accredited Home Performance Contractor with the exception of loans for the purchase of ENERGY STAR® Appliances. Improvements may be financed by loans obtained on a secured or unsecured basis.
Owners of existing Multifamily Buildings can qualify for reduced interest rates on loans to improve existing multifamily buildings (five or more residential units). The maximum loan amount that may be subsidized under this program for existing multifamily buildings is $5,000 per residential unit, up to $2,500,000, plus an additional maximum of $2,500,000 for projects that include advanced meters coupled with a variable electricity rate structure that encourages shifting electric load to off-peak periods for the purpose of attaining electricity peak-load reduction, for a maximum of $5,000,000. Public housing authorities that combine all of their properties into one energy efficiency improvement package may apply for up to two interest rate reductions for a maximum of $5,000,000. To qualify for the Loan Fund, all existing multifamily buildings must receive a technical analysis from a NYSERDA technical assistance program or have submitted and were approved under NYSERDA solicitation, NYSERDA's Multifamily Performance Program (MPP) or another. Please refer to the Application for more information.
New Construction Multifamily Buildings which have been evaluated through the New York Energy $martSM New Construction Program may also qualify for the Loan Fund. The maximum loan amount that may be subsidized for new construction multifamily buildings is $1,000,000 plus an additional maximum of $500,000 for Green Building Improvements, for a maximum of $1,500,000.
Commercial Buildings, which include commercial, industrial, institutional, governmental, agricultural, health-care and non-profit sectors, can qualify for reduced interest rates on loans to improve manufacturing facilities, business offices, retail storefronts, or manufacturing processes. New commercial buildings which have been evaluated through the New York Energy $martSM New Construction Program or qualify for Enhanced Commercial/Industrial Performance Program Tier I incentives may also qualify for the Loan Fund. The maximum loan amount that may be subsidized for commercial properties is $1,000,000 plus an additional maximum of $500,000 for Green Building Improvements for a maximum of $1,500,000 |
