On-Bill Recovery Loan

• The programme serves New York residents improving existing one- to four-family residential properties. You must own the home and be named on the participating utility account. A deferred utility-payment plan, which spreads repayment of overdue utility charges over time, makes you ineligible for On-Bill Recovery. Budget billing, which spreads expected utility bills across the year, is a different arrangement and is not excluded by this rule.
• Participating utilities are Central Hudson, Con Edison, PSEG Long Island, NYSEG, National Grid for upstate New York customers only, Orange & Rockland, and Rochester Gas & Electric. PSEG Long Island customers use the utility's application route linked from NYSERDA's programme page.
• Stand-alone additions, new construction and extensive gut rehabilitation to bare walls are excluded. Solar leases, including prepaid leases, community solar and solar power-purchase agreements are not financed. Eligible health, safety and ancillary work cannot exceed 50% of the total loan.
• Use an authorized participating contractor and measures meeting the current programme performance standards. Solar installation requires a NY-Sun participating contractor. Heating equipment must serve as the primary system for the space; adding or replacing a secondary heating system is excluded.
• Most fossil-fuel heating equipment is restricted to a qualifying no-heat emergency, except eligible natural-gas equipment. For the emergency route, the primary heat must be inoperable during the heating season, the home cannot be served by the Home Equipment Repair and Replacement programme, and household income must be at most 60% of area or state median income, whichever is higher. The contractor needs the required HERR or HEAP denial letter and must meet equipment-specific standards.
• A credit review applies. Maximum debt payments relative to income are 40% for credit scores 540–599, 45% for 600–639, 50% for 640–679 and 60% for 680–719. At 720 or above, the published table sets no debt-to-income ceiling. For scores of 720 or above, or loans below USD 5,000, the programme calculates that ratio using stated income for analysis.
• Mortgage payments must have been on time for 12 months, with none more than 60 days late in the past 24 months. No bankruptcy, foreclosure or repossession in the past 24 months; outstanding collections, judgments, liens and charge-offs must total no more than USD 2,500. An existing programme loan 30 days or more overdue prevents eligibility. These are summary criteria, not a guarantee of approval.
• Utility rebates may be combined with financing. A loan may cover the full work cost, although NYSERDA encourages financing the cost remaining after rebates. All amount and cost-effectiveness limits still apply.

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• Subject to credit, project approval and available programme funding.

Choose a participating contractor. For efficiency improvements, the project must follow recommendations from a home energy assessment under EmPower+, Comfort Home or PSEG Long Island Home Performance; the assessment identifies improvements recommended for financing. For heat pumps, complete the heat-pump energy audit and calculation of the home's heating and cooling needs required by NYS Clean Heat or PSEG Long Island Home Comfort. For solar, the participating NY-Sun contractor must interview the homeowner and inspect the home to identify energy-saving opportunities. The contractor identifies eligible measures and calculates whether the proposed loan meets the programme savings test.

PSEG Long Island electric customers must use their utility's application route linked from NYSERDA's programme page. Other eligible customers apply through Slipstream Energy Finance Solutions using the application link. For the Slipstream route: Online applications are preferred. Paper applications can be mailed or faxed, or given to the participating contractor for submission. Supply the credit application, borrower/co-borrower income documents and a current utility bill. The lender checks credit and a title company checks property ownership.

For a lower rate based on household income, document the people living at the installation property. Nonresident owners ask occupants to complete the household screening; each household in a multi-unit property uses a separate form. The screening includes income from residents aged 18 or older who are not full-time students, with net operating income for self-employment, business, rental or farming income. This household screening is separate from the borrowers' credit-income requirements.

Credit preapproval lasts 360 days and does not by itself approve the project. The contractor submits the signed work contract, changes and cost-effectiveness calculation. Return the approved loan agreement and notices, including the right-to-cancel notice. Every deed owner or relevant legal-entity representative must sign the declaration by hand on paper and have it notarized; it cannot use the electronic signatures permitted for other loan documents. Wait until Slipstream confirms signed loan documents are received and approved before work starts; early work is at the contractor's financial risk.

If more time is needed, request an extension at least 30 days before approval expires. Slipstream may allow one 30-day extension; completion and payout must occur within it. Longer extensions need NYSERDA approval, and none can be approved before signed loan documents are returned. An expired application without an approved extension must be submitted again.

After installation, sign the applicable completion records with the contractor. Solar projects also need the utility's permission to operate. Submit completion evidence within 30 calendar days of finishing; late submission can lose financing. Accepted evidence triggers payment directly to the contractor and loan closing. Your first utility-bill instalment may take up to three billing cycles to appear. Concord services the loan; after 90 days of nonpayment it refers the account for collection.