green jobs green new york

NYSERDA offers finance to businesses for energy upgrades

Dec 13, 2012
Wikipedia Commons

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.

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The walls around Pat Dundon's desk are slowly filling up with white printouts. Some have the letterhead of the state's energy research organization NYSERDA, and others are lists he's created.

His involvement in a program called Green Jobs Green New York has produced all this paperwork. Through the program, NYSERDA offers low-interest loans for energy efficiency upgrades.

In January 2012*, an on-bill financing option was added for homeowners making energy improvements. At the end of July, a total of $16.7 million had been approved in loans; $1.3 million of that total was for on-bill financing loans.

That's when Dundon, a Binghamton-area contractor, began filling his wall with cheat sheets.

Contractors have to show that a proposed job will pay itself off in future energy savings before NYSERDA will approve the loan.

Serge Melki / via Flickr

A new program launched by New York's Energy Research Development Authority (NYSERDA) earlier this week aims to make it easier for homeowners to pay for energy efficiency upgrades.

The new initiative is part of the Green Jobs Green New York program, and it's called an "on-bill recovery loan." 

The program allows homeowners to get a low interest loan to finance up to $25,000 worth of energy efficiency upgrades to their homes - everything from improved insulation, to a new boiler, or energy efficient appliances.

The way they pay back that loan? Paying their power bill.

Daniel Robison / WNED

The wheels are finally turning on a new-ish state program, designed to improve the energy efficiency of New York's aging housing stock. 

Green Jobs Green New York (GJGNY) tries to kill two birds with one stone: it diagnoses and funds energy efficient makeovers of old structures, with the result being the creation of so-called "green collar" construction jobs.

It also sets out to answer another age-old question: Can I trust this contractor?