New On-Bill Recovery Program to Pay for Retrofits Available January 30

If you are a homeowner interested in lowering your energy costs and improving your home’s energy efficiency, the new On-Bill Recovery Program may be what you need to make it happen. On-Bill Recovery is a way to pay for energy efficiency improvements for your home on your Con Ed bill! Unlike traditional financing, On-Bill Recovery stays with your meter if you move so you only pay back the costs for as long as you benefit from the energy savings. In most cases, qualifying improvements will “pay for themselves” by reducing your Con Ed and heating bills by as much or more than the added charge on your utility bill, although  the amount of the reduction will depend on your energy use habits. If your home needs insulation and air sealing, a new furnace, boiler, water heater, lighting fixtures or appliances, this may be the way you can make those needed improvements.

How to Start:

To participate, homeowners  must receive a comprehensive home energy assessment completed by a New York State Energy Research and Development Authority (NYSERDA)  approved / BPI accredited and contractor. These assessments are free to most homeowners under NYSERDA’s Green Jobs Green NY program. The contractor provides the homeowner with a report recommending energy improvements for the house, their costs, and the estimated energy savings of each measure. Ask your contractor to use your current energy bills to calibrate the estimate.

Homeowners interested in On-Bill Recovery then apply for financing through Energy Finance Solutions. Once approved, and the work is completed, the homeowner will authorize NYSERDA to add the charge to the utility bill. This charge on the monthly utility bill allows the homeowner to finance energy and money saving home improvements over time.

Homeowners can finance up to $25,000 through the program over a period of 5-15 years at an interest rate of 2.99%. No payments will be required before June 2012, even if work is performed before then. The On-Bill Recovery Program will be available to owners of 1-4 family residential homes beginning January 30, 2012. Similar programs for small businesses, not-for-profits and multifamily buildings will be available by May 30, 2012.

For more information, please contact NYSERDA at 1-866-NYSERDA (697-3732).

Frequently Asked Questions about On-Bill Recovery Loan Program.
NYSERDA’s On-Bill Recovery Loan Program page.