To encourage homeowners to participate in the HPwES Program, NYSERDA offers a number of consumer financing options. Information on these options is provided below.

 1) Free or Reduced Cost Comprehensive Home Assessments*

 Most homeowners qualify for a free or reduced-cost comprehensive home energy assessment, also referred to as an energy audit. Free home assessments will be provided to residential applicants with incomes less than two times the area median household income. Reduced-cost home assessments will be provided on a sliding scale for applicants with incomes between 201 and 400 percent of area median income. The incentive is paid to the participating contractor.

 2) Financing Options

 A. Home Performance with ENERGY STAR Program Financing*

Participants may take advantage of low-interest residential energy loans to finance the installation of recommended energy efficiency improvements that may be repaid through energy savings.

Features:

 Loans of up to $13,000 per homeowner

 Loan repayment period of 5, 10, or 15 years

 3.99% or 3.49% with auto pay (interest rates subject to change)

 Can be combined with the High Efficiency Measure Incentive or the Assisted Subsidy

B. Assisted Home Performance Loans (Assisted Loan)

 The Assisted Loan is available for income-qualified customers who are not eligible for the Program financing described above. Assisted Loans are offered through a network of Participating Lenders.

Effective July 1, 2011, the following conditions apply:

 Loans, up to $13,000, may be obtained on a secured or unsecured basis, at the option of the Lender and the Borrower

 Interest rate is bought down by up to 4.0% or 400 basis points, reduced as low as 3.0%, for a term up to ten (10) years

 Procedures and conditions may vary by Participating Lender. The loan can be combined with the Assisted Subsidy, but not with the High Efficiency Measure Incentive.

3) Cash Back Incentives

 A. High Efficiency Measure Incentive (HEMI)

The HEMI is equal to 10% of eligible measures that are installed by a participating contractor. The maximum HEMI is $3,000 per household over the life of the program. The incentive is paid directly to the homeowners by NYSERDA or a homeowner may also elect to assign this incentive directly to the participating contractor in order to lower the homeowner’s out of pocket expense. The HEMI can be combined with the Program Financing option but cannot be combined with Assisted Loan or Assisted Subsidy.

 B. Assisted Home Performance Subsidy

 Income-qualified homeowners may be eligible to receive up to 50% of the cost of eligible work through Assisted Home Performance with ENERGY STAR. The Assisted Home Performance Subsidy (Assisted Subsidy) can be combined with either financing option. www.getenergysmart.org/SingleFamilyHomes/ExistingBuilding/HomeOwner/Financing.aspx.

What is Assisted Home Performance with ENERGY STAR?

This initiative provides additional financial assistance for income-eligible households that live in 1-4 family homes and participate in Home Performance with ENERGY STAR.If your total household income is less than 80% of the State Median Income for your household size (see attached chart or  www.getenergysmart.org/HouseholdIncome.aspx , you fall into the eligible income range. This means that, in addition to low-interest financing, you may also be eligible for up to 50% job scope incentive on the cost of the energy efficiency work that your home is receiving under the program.

What are the Income Guidelines?

If your income is at or below the income listed for your household size, you may qualify for an Assisted Home Performance with ENERGY STAR subsidy.  www.getenergysmart.org/HouseholdIncome.aspx)

ASSISTED HOME PERFORMANCE APPLICATION

GJGNY LOAN FORM (UNSECURED LOAN)

What To Expect From Energy Star

ENRGY SMART LOAN APPLIACATION PACKAGE (SECURED LOAN)