Solar Financing

In addition to the rebates and incentives for solar projects, there are a number of financing options to help you pay for your solar array. Contractors and our Community Energy Advisors can provide additional information on these options, but we provide an overview below.

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On-Bill Recovery Loan

This is a loan in which your payments are built right into your utility bill. With this loan, your monthly payments may not exceed your estimated average monthly energy cost savings. So your energy savings essentially pay for your work. Loan amounts range from $1,500-$25,000 with terms of 5, 10, or 15 years. As of November 2022, rates are 3.49% for low-income households, 4.99% for households with moderate income, and 5.99% or 6.99% for everyone else. Learn more here.

Smart Energy Loan

This loan is more traditional, with a monthly payment to NYSERDA's loan servicer. Amounts are from $1,500-$25,000 with terms of 5, 10, and 15 years. Rates range from 3.49% for lower-income households who pay by auto payment to 7.49% for upper-income households who pay by check. More info here.

Other Financing Options & Local Banks

Your contractor may be able to offer you other financing options. And you may also want to consider a loan through a local bank. Home equity loans can often be useful for energy-related improvements. Some banks even offer special loans for energy projects which you can take advantage of.