NY financing options for home efficiency upgrades

Energy Efficiency Financing Options

BrightHome wants your home to be healthier, more efficient and more comfortable. Making these changes can be more affordable by using one of the many programs listed below. For more information, please contact a BrightHome Energy Consultant at 914-909-5300.

Low-Interest Energy Efficiency Loans

What is it?

Energy efficiency loans as low as 3.49% up to $25,000.

Who is eligible?

Green Jobs - Green New York Residential Loans are available to owner-occupied 1-4 family homes only and is offered through the Home Performance with ENERGY STAR® program.

What are the loan guidelines?

  • A rate of 3.49% is available to homeowners opting for direct payment.*
  • This is an unsecured loan, not a second mortgage or equity loan.
  • The limit on the loan is up to $25,000 per homeowner.
  • You can select a term of 5, 10, or 15 years.
  • Financing is available to owner-occupied 1-4 family homes.

*Interest rates are subject to change. The loan repayment period cannot exceed the useful life of the financed measures. The minimum financing amount is $3,000 for Home Performance with ENERGY STAR and $1,500 for customers that qualify for Assisted Home Performance with ENERGY STAR®. Click here for more information on home energy financing.

How does it work?

Payment is made directly to BrightHome by the lender, after a signed Certificate of Completion is received by the program on a work scope that may include air-sealing, insulation, HVAC services and replacement windows and doors. The work scope must also have been reviewed and approved by the program implementer.

NYSERDA Assisted Home Performance With Energy Star®

What is it?

Assisted Home Performance with ENERGY STAR® provides additional financial assistance for income-eligible households that live in 1-4 family home and participate in Home Performance with ENERGY STAR®. If your total household income is less than 80% of the State Median Income for your household size (see graph below), you fall into the eligible income range.

In addition to low-interest financing, you may also be eligible for up to 50% job scope incentive on the cost of the energy efficiency work that your home is receiving under the program.

What are the income guidelines?

If your income is at or below the income listed for your household size, you may qualify for an Assisted Home Performance with ENERGY STAR® subsidy.

What job scope incentives are available?

Households are eligible for a 50% cash incentive on the cost of approved energy efficiency measures performed by BPI certified contractors such as BrightHome Energy Solutions, up to a maximum of $5,000 for a single family home or $10,000 for a 2-4 family building.

How do I pay for the balance?

Low-interest financing is available under the program to cover the balance.

On-Bill Recovery Loans

What is it?

Energy efficiency loans as low as 3.49% up to $25,000.

Who is eligible?

Eligible borrowers include someone who owns a 1-4 unit residential building, and is named on the utility account of one of the following participating utilities:  Central Hudson, Con Edison, Long Island Power Authority, National Grid (upstate), New York State Electric and Gas Corporation, Orange & Rockland, Rochester Gas and Electric.

What are the loan guidelines?

  • A Fixed Rate of 3.49%* is available.
  • The limit on the loan is up to $25,000 if the financed portion of the project has a payback of 15 years or less.
  • The minimum financing amount is $3,000 for Home Performance with ENERGY STAR® and $1,500 for customers who qualify for Assisted Home Performance with ENERGY STAR® subsidy of 50%, up to $5,000 of cost.
  • Terms of 5, 10 or 15 years are available.
  • The annual loan payment is calculated to not exceed the anticipated amount of money you save on energy costs.
  • Repayment is through a NYSERDA Loan Installment charge on your utility bill.

*Interest may be tax deductible. The monthly loan installment payment amount may not exceed 1/12th of estimated annual energy savings, and the term of the loan may not exceed the useful life of the financed measures. Click herefor more information on home energy financing.

How does it work?

  • Improvements eligible for financing include energy efficient improvements to a 1-4 unit residential building that has been approved by NYSERDA.
  • A participating BPI-accredited Home Performance with ENERGY STAR® contractor must implement the upgrades. 
  • Upon test-out and approval of the work, the customer and contractor will sign a Certificate of Completion, which is submitted to NYSERDA.
  • Your lender will then make payment to your contractor.
  • The cost of the financed improvements must be less than the estimated energy savings over the anticipated life of the improvements.

FHA Title-One Unescured Home Improvement Loans

What is it?

The Federal Housing Administration (FHA) makes it easier for consumers to obtain affordable home improvement loans by allowing loans up to $7,500 without any equity in the home. In other words, the loan can exceed the value of the home.

The Title I program insures loans to finance the light or moderate rehabilitation of properties that include air-sealing, insulation, HVAC services and replacement windows and doors. This program may be used to insure such loans for up to 20 years on either single or multifamily properties. The maximum loan amount is $7,500 for improving a  single-family home or for improving or building a nonresidential structure.

Who is eligible?

Eligible borrowers include the owner of the property to be improved, the person leasing the property (provided that the lease will extend at least 6 months beyond the date when the loan must be repaid), or someone purchasing the property under a land installment contract.

Title I loans may be used to finance permanent property improvements that protect or  improve the basic livability or utility of the property--including manufactured  homes, single-family and multifamily homes, nonresidential structures, and the preservation of historic homes.

About our lending partner

BrightHome Energy Solutions is working with the largest direct lender of FHA Title-One Home Improvement Loans. With an entire department dedicated to funding and servicing FHA Title-One Home improvement Loans, we guarantee you will always receive fast, responsive service.

  • Pre-approval only takes 30 minutes
  • Final approval in 24 hours
  • Funding in as little as four days

FHA Title-One Home Improvement Loans

What is it?

The Federal Housing Administration (FHA) makes it easier for consumers to obtain affordable home improvement loans by allowing loans up to $25,000 without any equity in the home. In other words, the loan can exceed the value of the home.

The Title I program insures loans to finance the light or moderate rehabilitation of properties that include air-sealing, insulation, HVAC services and replacement windows and doors. This program may be used to insure such loans for up to 20 years on either single or multifamily properties. The maximum loan amount is $25,000 for improving a single-family home or for improving or building a nonresidential structure.

For improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure. These are fixed-rate loans.

Who is eligible?

Eligible borrowers include the owner of the property to be improved, the person leasing the property (provided that the lease will extend at least 6 months beyond the date when the loan must be repaid), or someone purchasing the property under a land installment contract.

Title I loans may be used to finance permanent property improvements that protect or improve the basic livability or utility of the property--including manufactured homes, single-family and multifamily homes, nonresidential structures, and the preservation of historic homes.

About our lending partner?

BrightHome Energy Solutions is working with the largest direct lender of FHA Title-One Home Improvement Loans. With an entire department dedicated to funding and servicing FHA Title-One Home improvement Loans, we guarantee you will always receive fast, responsive service.

  • Pre-approval only takes 30 minutes
  • Final approval in 24 hours
  • Funding in as little as four days

Low interest, easy terms and lots of help applying.

Talk with BrightHome about NY financing programs.

914-909-5300

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