On-Bill Recovery Loan
The NYSERDA on-bill recovery loan is a great way to fund your homes performance upgrades directly through your energy bill. NYSERDA is the state agency that helps homeowners make their homes more energy efficient. If you need more information about the efficiency of your home, Triple H Contracting is offering a No-Cost Home Efficiency Audit, which will pinpoint the problem areas and help you save money.
For the on bill recovery loan, Triple H Contracting calculates the estimated savings from your home energy upgrade. That monthly savings figure is the maximum payment applied to your PSEGLI bill each month. That means your savings are actually working for you!
(NYSERDA also offers Smart Energy Loans that are a more traditional type of financing.)
On-Bill Recovery Loan Features
- The monthly loan payment cannot exceed the estimated monthly savings from the improvement.
- If you sell your home, the On-Bill Recovery Loan is transferable to the new owner.
- Interest rates are variable and subject to the homeowner’s credit score and history.
- Loan are available for amounts from $1,500 to $25,000.
- Loan terms are available at 5, 10 or 15 years.
- The loan is filed as a declaration with the county clerk, but is not a lien on the property.
- Homeowners must apply through PSEG Long Island.
- Applicants must own the home and the utility account must be in the owner’s name.