Current Funding Opportunities Closed Funding Opportunities

Revolving Loan Fund (PON 6025)

Due Date:  Continuous

Description

The New York State Energy Research and Development Authority (NYSERDA) is a public benefit corporation of the State of New York created under Article 8, Title 9 of the New York State Public Authorities Law. NYSERDA offers objective information and analysis; innovative programs, including energy efficiency, renewable energy, and energy research and development; technical expertise; and funding to help New Yorkers increase energy efficiency, save money, use renewable energy and reduce reliance on fossil fuels. 

The goal of Department of Energy State Energy Efficiency Revolving Loan Fund (DOE-EERLF) program is to increase adoption of Qualified Energy Efficiency Improvements in New York State by expanding access to low-cost financing for Qualified Borrowers.
NYSERDA has been awarded a DOE-EERLF grant in the amount of $3,959,191.00 to issue EERLF Loans (Loan) for Qualified Borrowers seeking to complete a Project.  Projects are subject to Qualified Audit, Program Requirements and Cost Effectiveness Criteria. 

NYSERDA will enter into Participation Agreements with Qualified Applicants to reserve $400,000.00 to provide their customers that meet Qualified Borrower requirements to finance a Project.   Reserved funds will be available for one year, after which, any remaining funds will become available for reservation upon application by a Qualified Applicant.

Loans can only be used for existing Single-Family Residences and cannot be used for projects that include stand-alone additions, new construction, or extensive gut rehabilitation (i.e. demolition to bare walls).
Loans will have a minimum amount of $1,500 and maximum amount of $25,000 and cannot be paired with a Green Jobs-Green New York (GJGNY) loan.  Loans will have an interest rate of two and a half percent (2.50%), with half percent (.5%) discount if paid by automatic withdrawal (ACH).  Loan payment terms will be 5, 10 or 15 years and the term of loan cannot exceed the average measure life.  Qualified Borrowers must meet the current GJGNY underwriting criteria and enter into a financing agreement with NYSERDA.  Loans must meet the current GJGNY cost effectiveness requirements including:
  • At least 85% of loan is comprised of Pre-Qualified Eligible Measures or the savings to investment ration is less than or equal to 80%.
  • Loans exceeding $13,000 must have a simple payback of fifteen (15) years or less.  Calculated as (Net Consumer Cost Investment)/future value of annual savings/weighted average of measure life).
Upon completion of a Project, including submittal of Certificate of Completion, NYSERDA’s loan originator will disburse Loan funds directly to the Qualified Borrower.
 

Application Submission

Associated Documents

Contact

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