On-Bill Recovery Loan Program

If you think you can’t afford energy efficiency improvements, think again. An investment in energy efficiency is now more affordable than ever thanks to the On-Bill Recovery Loan Program.

What is the On-Bill Recovery Loan Program?
The On-Bill Recovery Loan Program is a way to obtain loans for energy efficiency improvements through the New York State Energy Research and Development Authority (NYSERDA) and to repay these through a monthly charge on your LIPA bill.

TIP: The On-Bill Recovery Loan Program makes it easy to pay for home energy improvements without paying cash up front.

Highlights of On-Bill Recovery Loan Financing:

Loan amounts range from $3,000 up to $25,000 with terms of 5, 10, or 15 years.

• Low interest rate of just 2.99%.
• Interest may be tax deductible.
• Hassle-free monthly loan payments included on your existing LIPA bill.
• Finance 100% of the installation cost of energy efficiency measures.
• No payments until June 2012.

Where to Start?

It all starts with LIPA’s Home Performance with ENERGY STAR® program. LIPA has compiled a list of qualified Building Performance Institute (BPI) Accredited Home Performance contractors. Your contractor will work with you to make your home healthier and save you 20% or more on your energy costs.

You can finance improvements such as insulation, a central air conditioning upgrade, or even new high-efficiency appliances. It gets even better when you consider that you can lower the amount you need finance with LIPA rebates. Plus, your energy savings can offset your loan payments.

Eligibility

This program is currently available to New York State residents living in a 1-4 family home and will soon expand to cover larger residential buildings, not-for-profits, and small businesses.

How Do I Qualify?

The first step is a comprehensive Home Energy Assessment performed by your BPI Accredited Home Performance contractor as part of LIPA’s Home Performance with ENERGY STAR program. This thorough review of your home using the latest diagnostic equipment will help determine what efficiency improvements are needed. Recommendations could include air sealing, insulation, or a central air conditioning upgrade – all of which can be 100% financed.

NYSERDA will then review the recommended improvements and handle your credit application. You must meet certain eligibility requirements. Once approved, the payment will be made directly to your contractor. You could be pre-qualified in less than 30 minutes! First, visit NYSERDA’s website or call them toll free at 1-866-NYSERDA (1-866-697-3732).

Read more about On-Bill Recovery Frequently Asked Questions