NYSERDA - Residential Financing Options
Administered by New York State Energy Research and Development Authority (NYSERDA)
NYSERDA's Green Jobs-Green New York loans help you finance energy efficiency improvements and renewable energy systems like solar, heat pumps, and weatherization at your home. You can borrow up to $25,000 with flexible terms (5, 10, or 15 years) through either an On-Bill Recovery loan (paid with your utility bill) or a Smart Energy loan (paid monthly), but you must first get an energy assessment to identify which upgrades make sense for your home.
You can serve customers installing NYSERDA-financed projects by ensuring work qualifies under the program's energy efficiency and renewable energy standards, with special opportunities through EmPower+ (income-qualified homes with up to 50% cost discounts), Comfort Home (seal and insulate packages), NY-Sun (solar), NYS Clean Heat (heat pumps), and PSE&G programs. Loans over $13,000 require that energy cost savings exceed the monthly loan payment and payback occurs within 15 years, so energy assessments and cost-effectiveness documentation are critical for customer approval.
NYSERDA administers two loan products—On-Bill Recovery (for customers of Central Hudson, Con Edison, PSEG-LI, NYSEG, National Grid upstate, O&R, or RG&E) and Smart Energy loans (traditional monthly repayment)—both ranging from $1,500–$25,000 with 5/10/15-year terms. The program requires an energy assessment before loan approval, cost-effectiveness verification for loans over $13,000 (15-year payback maximum), and serves one-to-four-family homes, multifamily buildings, and low-income households through partner programs like EmPower+ and NY Energy Advisor; OBR loans transfer to new owners with written notice, while Smart Energy loans remain the original borrower's responsibility.
Program details
- Program ID
- 4563
- Last updated
- 6/30/2025
Eligibility
- Sectors
- residential multifamily residential low income residential
- Technologies
- solar water heat geothermal electric solar photovoltaics biomass refrigerators/freezers dehumidifiers equipment insulation water heaters lighting furnaces boilers heat pumps air conditioners programmable thermostats duct/air sealing building insulation custom/others pending approval other ee led lighting
Program summary
Homeowners could be eligible for up to $25,000 in loans for energy efficiency improvements or renewable energy installation at one-to-four family residential properties. Interest rates, repayment terms, and cost effectiveness requirements vary between each type of loan. Loans over $13,000 are required to have a payback period of less than 15 years. Interest rates are subject to change, check available residential rates here. See a summary of loan approval criteria here.
On-Bill Recovery (OBR) Loan:
The OBR Loan is available to homeowners who are named on the utility account, and serviced by Central Hudson, Con Edison, PSEG-Long Island (must apply directly through utility), NYSEG, National Grid (upstate customers only), Orange & Rockland, or Rochester Gas & Electric. With the OBR Loan, loan payments are paid as part of the customer's utility bill. Estimated average monthly energy cost savings must be greater than monthly loan payments to use this loan. Loan amounts vary from $1,500 - $25,000 with a term of 5, 10, or 15 years. Loan balances may be transferred to a new owner when the home is sold, as long as written notice is provided to the new owner.
Smart Energy Loan:
The Smart Energy Loan is a traditional loan that is repaid monthly via check or automatic payment. To qualify for this loan, applicants must own the home or be an authorized representative of the property owner. Loan amounts vary from $1,500 - $25,000 with a loan term of 5, 10, or 15 years. If the property is sold or transferred, the applicant remains responsible for the balance of the loan.
Homeowners may use loans for the following programs
- EmPower+: Offers income-qualified homeowners a comprehensive, whole-home approach, plus discounts up to 50% of eligible improvement costs, to enhance energy efficiency and home comfort while saving money. The loans may be used for the purchase and installation of energy efficient upgrades.
- Comfort Home Program: Offers incentives for installing seal and insulate packages through qualified contractors who can also help identify where your home is wasting energy. Use the loans for the purchase and installation of energy efficiency upgrades.
- NY-Sun: Offers programs and incentives to reduce the costs of solar energy for New York residents and businesses.
- NYS Clean Heat: Offers incentives for installing heat pumps, a more efficient heating and cooling option that eliminates the use of fossil fuels. Use the loans for purchase and installation costs of air source heat pumps, ground source heat pumps, and heat pump water heaters.
- PSE&G Home Performance: 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. Loans may be used for the purchase and installation of energy efficient upgrades.
- PSE&G Home Comfort Program: Offers PSE&G customers more efficient heating and cooling options that eliminate fossil fuels. Loans may be used for the purchase and installation costs of air source heat pumps.
Income Eligible Households:
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.
Contact & resources
- Contact email
- efs@energyfinancesolutions.com
- Additional resources
Please verify current program details with the administering agency before making any financial decisions.
