Revolving Loan Fund

The Department of Energy State Energy Efficiency Revolving Loan Fund (DOE-EERLF) program aims to increase adoption of Qualified Energy Efficiency Improvements in New York State by expanding access to low-cost financing for Qualified Borrowers. NYSERDA has been awarded a DOE-EERLF grant in the amount of $3,959,191.00 to issue EERLF Loans for Qualified Borrowers seeking to complete a Project. NYSERDA will enter into Participation Agreements with Qualified Applicants to reserve $400,000.00 to provide their customers that meet Qualified Borrower requirements to finance a Project. Loans can only be used for existing Single-Family Residences and cannot be used for projects that include stand-alone additions, new construction, or extensive gut rehabilitation (i.e. demolition to bare walls). Loans will have a minimum amount of $1,500 and maximum amount of $25,000 and cannot be paired with a Green Jobs-Green New York (GJGNY) loan. Loans will have an interest rate of two and a half percent (2.50%), with half percent (.5%) discount if paid by automatic withdrawal (ACH). Loan payment terms will be 5, 10 or 15 years and the term of loan cannot exceed the average measure life. Qualified Borrowers must meet the current GJGNY underwriting criteria and enter into a financing agreement with NYSERDA. Projects are subject to Qualified Audit, Program Requirements and Cost Effectiveness Criteria. Reserved funds will be available for one year, after which, any remaining funds will become available for reservation upon application by a Qualified Applicant. Upon completion of a Project, including submittal of Certificate of Completion, NYSERDA's loan originator will disburse Loan funds directly to the Qualified Borrower.