On Bill Recovery Loan
This option allows residents to pay installation costs via their monthly utility bills. Loan amounts range from $1,500 to $25,000 and have loan terms of 5, 10 or 15 years. If you sell your home, the loan balance can be transferred to the new homeowners. Interest rates vary by income. Find out more here.
Smart Energy Loan
The Smart Energy Loan is a typical loan that you repay monthly by check or automatic payment. Loan amounts range from $1,500 to $25,000 and have loan terms of 5, 10 or 15 years.If you move before you are finished paying off your loan, you are responsible for the balance of the loan after selling or transferring the property. Interest rates vary by income. Find out more here.
Tax Credit
In addition to the incentives and financing options mentioned above, there are New York State and federal tax credits available for installing solar at home. Available tax credits include: 30% Federal Income tax credit, 25% New York State tax credit, and New York State Real Property Tax Exemption. Find out more here.
Small Business/Not-for-Profit On-Bill Recovery Loan
This option allows small businesses and not-for-profits the opportunity to pay and manage solar installation costs by having them as a line item on their utility bill. If you move your business to a new location, you can transfer the balance to the new property owner. Loans amounts go up to $50,000 at a 2.5% interest rate and have a repayment period of up to 10 years. Find out more here.
Small Commercial Participation Loan
This financing option helps small businesses and not-for-profits access up to $100,000 in financing at a below-market interest rate with flexible repayment periods. NYSERDA offers a loan for 50% of the project cost up to $50,000 at a 2% interest rate. The remainder of the loan is provided by a participating lender at the market interest rate. Loan payments are made directly to the lender. Find out more here.
Commercial/Industrial - Energize NY
Energize NY provides commercial and not-for-profit building owners with affordable financing for up to 100% of the cost of energy efficiency and solar projects. This financing is also known as Property Assessed Clean Energy (PACE). Energize NY offers competitive interest rates and flexible, custom loan terms. Find out more here.
Tax Credit
Your business may qualify for federal tax credits for solar, in addition to the above incentives and financing options. Some of the available tax credits include: 30% Federal Tax Credit and New York State Real Property Tax Exemption. Find out more here.