The New York State Energy Research and Development Authority (NYSERDA) today announced that it has raised $24.3 million in its first-ever issuance of revenue bonds to finance loans for consumers across the State for residential energy efficiency improvements.
The proceeds of the bonds will be used to replenish the $42.5 million Green Jobs-Green New York revolving loan fund established under the Green Jobs-Green New York Act of 2009, which funds low-interest loans for energy-efficiency improvements at homes and businesses through NYSERDA’s Home Performance with ENERGY STAR® and Small Commercial Energy Efficiency programs.
The following information would assist homeowners, small business owners or not-for-profits looking to incorporate energy-efficiency measures into their homes or businesses.Home Performance with ENERGY STAR® – The Home Performance with ENERGY STAR Program provides free comprehensive home energy assessments, incentives and low-interest loans to help homeowners reduce home energy use and costs.
Residential energy assessments: Under the Home Performance with ENERGY STAR Program, energy assessments are conducted by a Home Performance participating contractor trained in building science and accredited by the Building Performance Institute (BPI). The contractor measures the home’s overall energy performance, especially its insulation and air infiltration levels, and the efficiency of heating and cooling equipment, appliances and lighting.
Contractors also test ovens, water heaters and other equipment to make sure dangerous combustion gases, such as carbon monoxide, are not leaking into the home. The homeowner receives a comprehensive home assessment report that includes recommendations for home improvements that will save energy. The homeowner then decides which work to move forward with, and the contractor can then make the energy improvements.
Cash-back incentives and low-cost financing: NYSERDA also provides help in paying for the energy improvements through cash-back incentives and low-cost financing, including On-Bill Recovery Financing, a signature part of Governor Cuomo’s Power NY Act of 2011. On-Bill Recovery Financing enables homeowners, small business, nonprofits and multifamily building owners to pay for their energy improvements through their utility bills. With affordable financing and energy bill savings, many homeowners find they can make significant improvements to their home that result in improved comfort and savings for years to come.
Assisted Home Performance with ENERGY STAR: Assisted Home Performance with ENERGY STARserves households with income at or below 80 percent of state or area median income, whichever is greater. It provides a subsidy of up to 50 percent of the approved work scope up to $5,000 for a single family home and up to $10,000 for a 2- to 4-unit residential building with additional income qualified households.
For more information on the Home Performance with ENERGY STAR program: Please visit www.nyserda.ny.gov/energystars or call 1-866-NYSERDA (1-866-697-3732). Small Commercial Energy Efficiency Program The Small Commercial Energy Efficiency Program offers free energy assessments for small businesses and not-for-profits to help them identify opportunities to improve energy efficiency and recommend improvements to reduce energy costs and low-interest energy-efficiency project financing.
Small business/not-for-profit energy assessments: Free energy assessments are available to small businesses and not-for-profits with an average electric demand of 100 kW or less. Assessments help identify economically viable improvements that yield substantial annual energy savings. S
mall business/not-for-profit low-interest financing: Small Commercial Energy Efficiency Program offers small business and not-for-profit organizations two low-interest loan options to finance energy efficiency projects. These financing opportunities help small businesses and not-for-profits access upfront capital to make energy efficiency upgrades in their buildings to improve their energy efficiency and lower their energy bills.
NYSERDA partners with lenders across New York State to help small businesses and not-for-profits access low-interest financing for energy efficiency improvements. NYSERDA provides 50% of a loan, up to $50,000, at 0% interest, and the lender provides the rest of the loan at market rate. NYSERDA also offers low-interest On Bill Recovery Financing that makes it possible for small businesses and not-for-profits to use the savings on their energy bills to pay for their energy efficiency upgrades. Customers of the following utilities may be eligible for On Bill Recovery Financing: Central Hudson Gas and Electric, Con Edison, Long Island Power Authority, New York State Electric and Gas Corporation, National Grid (upstate NY customers only), Orange and Rockland, and Rochester Gas and Electric Corporation.
For more information and to apply for an energy efficiency assessment under the Small Commercial Energy Efficiency Program, please visit http://nyserda.ny.gov/small-business.