Making energy upgrades should help save homeowners money, not completely bust their budgets. Standard offers financing options, but we also understand that not every scenario is the same, and not every homeowner or renter has the same needs.
That’s why we provide multiple financing solutions, including two New York State Energy Research and Development Authority (NYSERDA) financing options. NYSERDA Smart Energy Loans and NYSERDA On Bill Recovery help eligible New Yorkers get the upgrades they need with lower interest rates to help make financing affordable.
NYSERDA Smart Energy Loans
This loan is a traditional, unsecured loan option for loan amounts of up to $25,000. If approved, homeowners make monthly payments according to the loan terms. Acceptable payment options include checks and automatic payments.
Details about the loan:
- Interest rates of 3.99% if paying with a check/card or 3.49% if automatically deducted from account (ACH)
- Loan amounts of $1,500 to $25,000
- Terms include 5, 10, or 15 years
- Eligibility for homeowners as well as owners’ authorized representatives
- Responsible for the balance, even after selling the property
NYSERDA On-Bill Recovery
This loan is an unsecured option for amounts up to $25,000 that gets paid through utility bills. The amount paid every month cannot be higher than the estimated amount of energy cost savings the upgrades offer.
For example, if you’re replacing an HVAC system and will save $150 per month in heating and cooling costs, the On-Bill loan payment will not exceed $150 per month.
Details about the loan:
- Interest rate of 3.49%
- Loan amounts of $1,500 to $25,000
- Terms include 5, 10, or 15 years
- Eligibility for homeowners who use a participating utility provider and are the named representative on the utility bill
- Balances transferable to the new owner
- Declaration (not a lien) filed with the appropriate County Clerk as a record of the loan
How to Apply for NYSERDA Loans
We encourage you to apply online for fast, immediate approval. Paper applications are accepted through the mail, but it can take weeks instead of mere minutes for processing.
Eligibility
Criteria for Smart Loans and On-Bill Recovery include six elements:
- Credit score: Must have at least a 540
- Debt-to-income ratio: The higher the credit score, the more wiggle room for approval
- History of bankruptcy, foreclosure, or repossession: No record within 24 months
- Outstanding collections, liens, charge-offs, and judgments: Amounts of $2,500 or less
- GJGNY loan history: GJGNY loans not delinquent by 30 or more days
Standard offers many loan options. If you don’t qualify for NYSERDA financing, we can explore no-interest loan options with you.
From Application to Completion
Once you’re approved, the process proceeds as follows:
An Energy Audit must be completed.
Once the Energy Audit is finished, Standard submits the workscope for NYSERDA approval.
Upon approval, NYSERDA emails loan documents to you for electronic signature.
Once the documents are signed, Standard receives notification and can schedule the work.
Upon completion of the work, a post test is scheduled, completed, and uploaded.
NYSERDA must approve completion, and then payment is issued.
Apply Now
If you have any questions, feel free to contact Standard at 800-738-1424, and we will be happy to help. If you’re ready to start moving forward, apply now online to find out if you’re eligible for NYSERA financing.