NEWS10 ABC: Albany, New York News, Weather, SportsNew NYSERDA program offers easy way to pay for energy upgrades
ALBANY - NYSERDA is set to launch its new and unique "On-Bill Recovery Loan Program" to help home owners make energy efficient upgrades.
It offers up to $25,000 in up front loans at a low interest rate of 2.99%. You can then pay off the loan for up to the next 15 years through your monthly utility bill. NYSERDA says payments are calculated based on the projected savings from the upgrades...so energy bills aren't expected to rise.
To be eligible, a home owner must first have a NYSERDA certified contractor conduct an energy audit to look for potential cost savings. Then you must apply for the on-bill financing through NYSERDA. The loan could pay for a number of things from attic insulation to a new furnace to an energy efficient refrigerator.
The program kicks off Monday, January 30th. It was initially slated to begin in June, but Governor Andrew Cuomo pushed up the start date in his State of the State address.
For more information on the program, go to NYSERDA's website at www.nyserda.ny.gov/About/Statewide-Initiatives/On-Bill-Recovery-Loan-Program.aspx?sc_database=web
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