2010-12-31 / Community

Loans For ‘Green’ Improvements

Assemblywoman Audrey Pheffer has announced a new program through the New York State Energy Research and Development Authority (NYSERDA) to provide homeowners with free or reduced-priced energy assessments and low-interest loans to finance energy saving improvements. The program was the result of the Green Jobs-Green New York Act enacted by the Legislature and signed into law last year.

“This is a great program that will increase energy efficient home improvements and will create green jobs as well as fund significant training for these jobs as well,” said Pheffer.

Through this program, the State will establish a revolving loan fund for homeowners and small business owners who will be able to pay back loans from the savings on their energy bills. NYSERDA is launching the loan program for residential homeowners, and will soon follow with a launch of loan offerings for small businesses, not-forprofits, and multifamily buildings. The unsecured residential loans will be capped at $13,000 for a term of 5, 10 or 15 years and will be offered at an initial interest rate of 3.99 percent - 3.49 percent if the borrower signs up for automated monthly payments.

Free energy audits will be provided to individuals with incomes up to 200 percent of the Area Median Income, and reduced priced energy audits will be available to households with incomes up to 400 percent of the Area Median Income. A listing of income levels by county can be found at: http://www.getenergysmart.org/Files/- HomePerformance/gjgny_area_median_ income.pdf.pdf.

The job training component will focus on new entrants to the workforce and displaced workers. The training programs and any education and enrollment efforts will be subjected to a competitive procurement process available to community based-organizations.

The State will fund the Green Jobs- Green New York loan program and establish the statewide green jobs training program, with $112 million in funding acquired by auctioning carbon emission credits through the Regional Greenhouse Gas Initiative (RGGI).

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