Home Performance Affordability
Climate Giant often designs projects that pay for themselves thru energy savings and we will always recommend any subsidies and incentives that could reduce the cost of a project. Still, we understand that improving your home can be a significant investment, which is why we make a number of financing options available. Our service team is here to help you determine which financing option and incentives are most beneficial for your home improvement project.
Reduced Interest Loans via NYSERDA:
Residential Financing Programs
NYSERDA offers a suite of loans under the Green Jobs-Green New York (GJGNY) Program to help New York State residents finance energy efficiency improvements, and renewable energy systems.
Prior to accessing a NYSERDA loan, homeowners must have an energy assessment or audit that identifies energy services to be undertaken. Homeowners may use loans for the following programs:
- EmPower+: Offers income-qualified homeowners a comprehensive, whole-house approach, plus discounts up to 50% of eligible improvement costs, to enhance energy efficiency and home comfort while saving money. Use the loans for the purchase and installation of energy efficiency upgrades.
- Residential Energy Assessment Program and Comfort Home Pilot: Identifies where your home is wasting energy and how you can save money and improve your home’s comfort year-round. Use the loans for the purchase and installation of energy efficiency upgrades.
- NY-Sun: Makes going solar accessible and affordable. Use the loans to purchase and install solar at home.
- NYS Heating and Cooling : Offers more efficient heating and cooling option that eliminate fossil fuels. Use the loans for purchase and installation costs of air source and ground source heat pumps.
- PSE&G Home Performance Program : Offers PSE&G customers a whole-home approach to energy efficiency and can lower energy costs plus offers rebates on energy-saving home improvements plus offers. Use the loans for the purchase and installation of energy efficiency upgrades.
- PSE&G Home Comfort Program : Offers PSE&G customers more efficient heating and cooling options that eliminate fossil fuels. Use the loans for purchase and installation costs of air source heat pumps.
Residential Financing Options
Homeowners could be eligible for up to $25,000 in loans for energy efficiency improvements or renewable energy installations at one- to four-family residential properties. Interest rates, repayment terms, and cost effectiveness requirements vary between each type of loan. Loans are not incentives or rebates and must be paid back. Loans over $13,000 are required by the GJGNY legislation to have a payback period of less than 15 years.
Homeowners can work with a participating contractor to help select the loan that works best for your home energy project.
Loan Approval Criteria
The following table summarizes credit approval criteria, but it is not a comprehensive list of loan underwriting guidelines. These standards are subject to change at NYSERDA’s discretion.
| Credit Score | 540-599 | 600-639 | 640-679 | 680-719 | 720+ |
|---|---|---|---|---|---|
| Debt-to-Income (DTI)* | 40% | 45% | 50% | 60% | No limit |
| Mortgage Payment History |
Mortgage has been paid on-time for the past 12 months. No mortgage payments more than 60 days late during the past 24 months. |
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| Bankruptcy, Foreclosure, Repossession History |
None in the past 24 months |
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| Outstanding Collections, Judgments, Liens and Charge-offs | May not exceed $2,500 | ||||
| Prior GJGNY Loans |
No customer will be eligible for a GJGNY Loan if the customer has a prior GJGNY Loan outstanding that is 30 days or more delinquent. |
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* Debt-to-Income (DTI) is a measure of your existing debt payment obligations (mortgage, auto loan, student loan, credit card payments, etc.) to your income.
Get Support
To help New Yorkers navigate clean energy opportunities, NYSERDA launched the Regional Clean Energy Hubs – teams of trusted, knowledgeable, community-based organizations across the state. Hubs can provide resources and assistance to make informed energy decisions, apply for a free home energy assessment, explore program offerings, find qualified contractors, and more.
Find your Regional Clean Energy Hub
Income Eligible Households
New York State is focused on making energy efficiency and clean energy solutions available to all New Yorkers. Through NY Energy Advisor , income-eligible residents and affordable housing owners can receive a customized list of energy-related assistance programs to help pay energy bills and make energy-related improvements.
Find your energy savings with NY Energy Advisor
Get Started
Loans are originated by Slipstream . Click apply now to access the fast and secure online application.
Contact
If you have additional questions, please contact the Residential Financing Team at residential.financing@nyserda.ny.gov.
