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New York Energy $martSM Loan Fund Program
The Commercial component of the New York Energy $martSM Loan Fund will remain closed until further notice. Notice of its reopening will appear on the NYSERDA Web site and in the New York State Contract Reporter.
NOTICE: The Residential component of the New York Energy $martSM Loan Fund is
extended through October 30, 2009. Current Participating Lenders will receive written
notification of this extension. No action is required by Participating Lenders to
continue in the program at this time.
Prior to October 30, 2009, a new Program Opportunity Notice (PON) No. 1606 will be released. Lenders
that wish to continue participating in the Residential Loan Fund after October 30, 2009 will be required to
submit an application under that PON.
There are no other changes to PON 1060 at this time.
NYSERDA announces the following changes to the Residential Loan Fund:
- Interest Rate Reductions available through the Residential Loan Fund will be up to 4.0% or up to 400 basis points less than the Lender’s normal market rate.
- Interest Rate Reductions may be reduced by NYSERDA to maintain a minimum Program Rate of 3.0%.
- Multifamily New Construction projects are no longer eligible to participate in the Residential Loan Fund.
All applications received by NYSERDA by March 31, 2009 will have until May 1, 2009 to supply all required information to make the application complete and eligible to be considered under the now current program eligibility requirements. Only complete applications (e.g., must be signed by all parties, must include all Parts as applicable, and include all required supporting documentation) will be reviewed for eligibility.
For current terms of the Loan Fund, please email resloanfund@nyserda.org.
Sign up to receive e-mail updates about the Loan Fund Program.
The New York Energy $martSM Loan Fund program is offered for the purpose of providing an Interest Rate Reduction off a Participating Lender's normal interest rate on Loans for a term of up to 10 years to finance certain eligible energy efficiency improvements and/or renewable technologies. The Interest Rate Reduction for Eligible Borrowers is up to 4.0% or 400 basis points. Interest Rate Reductions may be adjusted by NYSERDA to maintain a minimum Program Rate of 3.0%.
The Participating Lender conducts a credit analysis for the Loan in accordance with its normal standards and practices. NYSERDA does not participate in the credit-making decision. Eligible improvements may be financed by Loans obtained on a secured or unsecured basis, at the option of the Lender.
Residential Borrowers (Existing 1-4 Family Homes) may qualify for an Interest Rate Reduction on Loans up to $20,000 ($30,000 for Con Edison customers), used to finance certain eligible energy efficiency improvements that have been pre-qualified by NYSERDA. Most improvements must be installed by a Building Performance Institute (BPI) - Accredited Home Performance Contractor with the exception of Loans for the purchase of certain eligible ENERGY STAR® Appliances.
Information for Existing 1-4 Family Homes is below.
Information for ENERGY STAR® Appliances, PV and Wind is below.
Owners of Existing Multifamily Buildings may qualify for an Interest Rate Reduction on Loans to improve Existing Multifamily Buildings (five or more residential units). The maximum Loan amount that may be subsidized under this program for Existing Multifamily Buildings is $5,000 per residential unit, up to $2,500,000, plus an additional maximum of up to $2,500,000 for projects that include advanced meters coupled with a variable electricity rate structure that encourages shifting electric load to off-peak periods for the purpose of attaining electricity peak-load reduction, for a maximum of $5,000,000. Public Housing Authorities that combine all of their properties into one energy efficiency improvement package may apply for up to two Interest Rate Reductions for a maximum of $5,000,000. To qualify for the Loan Fund, all Existing Multifamily Buildings must receive a Technical Analysis from a NYSERDA technical assistance program or have submitted and were approved under a NYSERDA solicitation, including NYSERDA's Multifamily Performance Program (MPP) or another NYSERDA program. Please refer to the Application for more information.
Information for Multifamily Buildings is below.
Lending institutions and leasing companies that desire to participate in the New York Energy $martSM Loan Fund program can obtain detailed program information and Participation Agreements below.
Assisted Home Performance Program Lenders (formally RFQ No. 925)
Loan Fund Lenders who wish to participate in NYSERDA’s Financing for Assisted Home Performance with ENERGY STAR® program can obtain detailed program information below.
Eligibility
Eligible Borrowers must use funds to improve facilities that are assessed 1) the System Benefits Charge (SBC) by one of the following entities: Central Hudson Gas & Electric Corporation, New York State Electric & Gas Corporation, National Grid, Rochester Gas and Electric Corporation, or Orange and Rockland Utilities, Inc.; 2) the SBC or the Monthly Adjustment Clause (MAC) by Consolidated Edison Company of New York, Inc.; or 3) the Monthly Rate Adjustment applicable to certain Con Edison Firm Gas Commercial customers. Eligible Participating Lenders include commercial banks, savings and loan associations, credit unions, farm credit associations, community development financial institutions, and other financial institutions regulated by New York State and Federal regulatory agencies. Eligible Participating Lessors must be leasing subsidiaries of bank holding companies or bank-owned leasing companies.
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