Small businesses and not-for-profits will be eligible to apply for up to $50,000 in low interest (2.5%) loans to fund building upgrades that improve energy efficiency through the state's Energy Research and Development Authority (NYSERDA).
Customers would have the option to repay the line of credit through an On-Bill Recovery Finance Program via instalments added to their regular utility bill.
The program is an extension of one already available to residential customers.
The Innovation Trail's Matt Richmond reported on the program earlier this year and has additional background on the NYSERDA program here.
Thursday's announcement was made after a meeting of the State Of New York Public Service Commission in Albany which approved a reshuffle of funds in the Energy Efficiency Portfolio Standard (EEPS) budget to fund three initiatives, including the finance option for small businesses (less than 100 employees) and not-for-profit entities.
Francis J. Murray Jr. is the President and CEO of NYSERDA and commented in a press release:
“We have already seen in the rollout of On-Bill Recovery Financing for homeowners that New Yorkers find this to be an attractive way to pay for energy efficiency improvements. Under Governor Cuomo’s leadership, the extension of the program to small businesses and not-for-profits is expected to help spur energy efficiency projects across the state that protect our environment and reduce our reliance on fossil fuel.”
Funding for a workforce development initiative will provide on-the-job technical training for people to develop skills in installation and maintenance of energy efficient equipment.
An additional program called EmPower NY will aim to assist lower-income consumers through free energy audits, energy reduction advice, and community workshops.