Nine New York State Banks Sign
Up to Provide Reduced-Interest Loans to Help Businesses and Residents
Finance Energy Efficiency Improvements
RELEASE: IMMEDIATE, November 20, 2001
CONTACT: Tom Collins, NYSERDA
(518) 862-1090, ext. 3250.
Albany, NY – The New York State Energy Research and Development
Authority (NYSERDA) signed up nine new banks to its New York Energy $martSM Loan Fund Program. The loan fund provides reduced-interest loans to
businesses and residents in New York State to make energy-efficiency
improvements to their business or home. By providing a reduced interest
rate, the program encourages more energy-efficiency improvements,
leading to energy savings for the consumer in addition to interest
savings.
The loan fund provides interest rate reductions of 4.5% on loans
for energy-efficiency projects and renewable technologies for amounts
up to $500,000. Interest rate reductions are available for the lesser
of five years or the life of the loan. Eligible improvements include
any improvement that is proven to reduce energy use, improvement measures
that pay for them selves in energy use reduction in a matter of 10
years or less, or a renewable technology such as wind or solar to
generate heat or power.
“The New York Energy $martSM Loan
Fund was developed to address financial barriers preventing many
businesses and homeowners from going forward with energy efficiency
improvements,” said NYSERDA President William M. Flynn. “In
many cases, we can provide customers with additional support through
our other programs to help identify potential efficiency improvements
or further offset the costs of installing new equipment.”
The list of new banks signed up includes:
- Hudson River Credit Union of Corinth (Saratoga County)
- State Employees Federal Credit Union (SEFCU) of Albany (Albany
County)
- Bethex Federal Credit Union of the Bronx (Bronx County)
- The First National Bank of Jeffersonville (Sullivan County)
- Flushing Savings Bank (FSB) of Flushing (Queens)
- Watertown Savings Bank of Watertown (Jefferson County)
- Sweet Home Federal Credit Union of Amherst (Erie County)
- The Mahopac National Bank of Brewster (Putnam County
- Union State Bank of Orangeburg (Rockland County)
To be eligible for the loan a customer must have an eligible improvement
project; have a loan commitment from the participating lender; and
be an electric customer of the following utilities: Central Hudson
Gas & Electric Corporation, NYS Electric & Gas Corporation,
Niagara Mohawk Power Corporation, Orange and Rockland Utilities, Inc.,
or Rochester Gas and Electric Corporation.
The issue of energy efficiency is one that needs continued acknowledgment
and support. Financial assistance such as the Loan Fund program is
just one of the options businesses and residents have through NYSERDA’s
New York Energy $martSM program. Visit http://www.nyserda.org/loanfund
or call toll free 1-866-NYSERDA for more information on other programs
NYSERDA offers.
-30- |
