RESIDENTIAL SOLAR FINANCING
ON BILL RECOVERY LOAN
This option allows residents to pay installation costs via their monthly utility bills. Loan amounts range from $1,500 to $25,000 and have loan terms of 5, 10 or 15 years. If you sell your home, the loan balance can be transferred to the new homeowners. Interest rates vary by income. Find out more here.
SMART ENERGY LOAN
The Smart Energy Loan is a typical loan that you repay monthly by check or automatic payment. Loan amounts range from $1,500 to $25,000 and have loan terms of 5, 10 or 15 years. If you move before you are finished paying off your loan, you are responsible for the balance of the loan after selling or transferring the property. Interest rates vary by income. Find out more here.
TAX CREDIT
In addition to the incentives and financing options mentioned above, there could be a possibility of a tax credit. Find out more here.
COMMERCIAL SOLAR FINANCING
Small Business/Not-For-Profit On-Bill Recovery Loan
This option allows small businesses and not-for-profits the opportunity to pay and manage solar installation costs by having them as a line item on their utility bill. If you move your business to a new location, you can transfer the balance to the new property owner. Loans amounts go up to $50,000 at a 2.5% interest rate and have a repayment period of up to 10 years. Find out more here.
Small Business Participation Loan
This financing option helps small businesses and not-for-profits access up to $100,000 in financing at a below-market interest rate with flexible repayment periods. NYSERDA offers a loan for 50% of the project cost up to $50,000 at a 2% interest rate. The remainder of the loan is provided by a participating lender at the market interest rate. Loan payments are made directly to the lender. Find out more here.
Commercial Property Assessed Clean Energy (PACE) Financing Resources
PACE financing programs use authority given to a municipality to offer financing for property owners to fund energy efficiency and renewable energy projects on existing commercial structures. The property owner voluntary agrees to repay the financing through a special assessment. PACE provides financing for these types of improvements over time without requiring the property owner to make a large upfront investment. Learn more here.
Tax Credit
In addition to incentives and low-interest financing to help your business pay for solar, there are tax credits available for businesses that install solar through New York State and the Inflation Reduction Act. Find out more here.