Smart Energy Loan
Borrow USD 1,500–25,000 for eligible energy upgrades to an existing New York home. Repay the unsecured loan monthly to the programme’s loan servicer.
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The Smart Energy Loan finances eligible energy-efficiency improvements, heat pumps and solar installations at existing one- to four-family homes in New York. You do not pledge property as security for this unsecured loan. It is repaid through monthly statements or automatic bank payments to Concord, NYSERDA's loan servicer. Loan proceeds are paid directly to the participating contractor after accepted completion evidence.
Borrow USD 1,500–25,000 over 5, 10 or 15 years, no longer than the improvements' expected useful life. You may have several Green Jobs–Green New York loans, but their combined outstanding principal cannot exceed USD 25,000. A USD 150 origination fee can be financed within that ceiling. Applying is free; a processing fee paid by cheque is not refunded.
The April 2026 manual lists annual rates of 4.50% or 8.00%. Selecting automatic payments before closing reduces the applicable rate by 0.5 percentage points. Rates can change; use NYSERDA's rate lookup before signing.
A home in a designated area can qualify for the lower rate without household-income screening. Elsewhere, household income at or below 80% of area or state median income, whichever is higher, can qualify. Borrower-income evidence may still be needed for the separate credit check. If you opt out of household screening without geographical qualification, the highest available programme rate applies.
The project passes the cost-effectiveness test if at least 85% of the total loan funds measures designated as prequalified on the eligible-measures list, OR its calculated savings-to-investment ratio is at least 0.8. That ratio compares estimated savings over the measures' lives with net consumer investment after incentives, tax credits and replacement costs, using the programme's energy-price assumption. For loans above USD 13,000, calculated energy savings must also recover the programme-defined net project investment in less than 15 years. This project-savings test is separate from the loan repayment term. The contractor completes the required calculation.
You remain responsible for the outstanding balance if the property is sold or transferred; the loan cannot be assigned to its new owner. Actual energy savings are not guaranteed and do not remove your repayment obligation.
Late payments can incur the lesser of 5% of the payment or USD 5, plus a returned-payment fee where applicable. Nonpayment may lead to referral to the New York State Attorney General for collection and a judgment against the borrower. A collection fee of 22% of the total amount due, including principal, accrued interest and late fees, may be assessed.
Eligibility
- The programme serves New York residents improving existing one- to four-family residential properties. The borrower or co-borrower must own the home, or lease or manage it as an authorized representative of the owner.
- 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.
How to apply
- Status
- Öppet löpande
- Begränsningar i omgången
- 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 loan meets the cost-effectiveness test.
Apply through Slipstream Energy Finance Solutions using the application link and select the Smart Energy Loan. Online applications are preferred. Paper applications can be mailed or faxed, or given to your participating contractor for submission. Supply the credit application and borrower/co-borrower income documents; the lender will make a credit-report inquiry and may require further supporting information. Applying does not commit you to a loan or contractor.
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 is separate from borrower 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 Smart Energy loan agreement, borrower notice and right-to-cancel notice. Wait until Slipstream confirms signed loan documents are received and approved before work starts; early work is at the contractor's financial risk.
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. Repay Concord monthly by statement or automatic bank payment. After 90 days of nonpayment, the servicer refers the account for collection.