The NYSERDA (New York State Research & Development Authority) Smart Energy Loan (NYSERDA SEL) is a state funded loan administered by Energy Finance Solutions. If you are considering switching to solar energy and are exploring financing options, our team at New York State Solar Farm can help you make an informed decision about the best options available.
At New York State Solar Farm, our main focus is helping homeowners reap the benefits of solar installation in the Hudson Valley. We help residential and commercial building owners go solar. If you’re interested in making your home run on solar energy or need battery backup, we can help.
Why is the NYSERDA Smart Energy Loan the best option for financing a solar system in New York?
1. Low interest rates
There are 2 interest rates available for the NYSERDA SEL loan: 6.99% and 3.49%.
For the 3.49% rate, you have two ways to qualify: by geography (where your home is located) and by income level.
If your income is 80% below the median income level in the county that you live in, you would qualify for the 3.49% interest rate even if your location is not included in the qualifying list of geographic locations. A vast portion of the state also qualifies based on geographic location.
At NYSSF, we want to give our clients a win-win situation. Switch to clean, green energy, while protecting your family from rising electric rates and save the environment too! We want you to qualify for that 3.49% interest rate. We will help you through the application process, and do whatever we can to help you qualify for the lowest possible interest rate, helping you to save money on energy costs from day one.
2. Requirements for the loan are extremely low
Almost everyone who will apply for this loan will qualify! Most loan companies require at least a 620 or higher FICO score, The NYSERDA SEL Loan requires a low 540 FICO score to be approved.
3. No hidden fees
When you apply for this loan, there is a $150 application fee which we (NYSSF) pays for. Unlike other solar loan financing companies, we are 100% transparent and strive to make the process as easy as possible for you.
At NYSSF, we try our best to offer our clients the lowest cost in solar energy, while always maintaining a transparent financing system.
Because the NYSERDA Smart Energy Loan is a state-funded loan, the state has set aside a certain amount of money for this loan and can offer financing fees lower than market rates, without any need for hidden fees.
4. Easy processing
Once you’ve filled out the online application form, processing and loan approval typically takes around 2-3 days. We will work with you and NYSERDA to make sure that we have submitted every requirement needed to get approval and move the job forward.
We are experts in this type of loan application. Our team at NYSSF will help walk you through every single step. You also have an option to process the loan online or through the traditional pen-and-paper method.
5. Tax credit payback not required
Most solar loans are structured based on the assumption that you will pay back any federal and state tax credits received to keep your monthly payment low.
With the NYSERDA Smart Energy Loan, applying the tax credits is not a requirement. You have the option to put them towards the loan if you want to, but again, it is not required. You have the ability to keep the tax credits and use them for any other purpose that you desire, and there will be no increase in your monthly payment if you decide not to pay them toward the loan.
6. The loan can be used for second homes or vacation homes
You can apply for the NYSERDA Smart Energy Loan for your primary residence or second home/vacation home in New York State.
A few solar loan companies allow financing for a second home, but the NYSERDA Smart Energy Loan can offer the lowest rate and no fees when applying for a loan for a non-primary residence.
7. Payments start 30 days after solar is turned on
Once you get approved for this loan, your approval is valid for a full year. Monthly payments don’t start until 30 days after the solar system is approved to be turned on by your utility. Your first payment will not be due until 30 days after the solar system is 100% completed and functioning.
NYSERDA Smart Energy Loan FAQs
What is the maximum loan amount you can get?
The maximum loan amount you can get approved for is $25,000.
What are the loan terms available?
There are 5, 10, and 15-year loan terms available. You can use the NYSERDA SEL in combination with some other loans as well.
Apply for a NYSERDA Smart Energy Loan today!
NYSSF is a full-service solar installation company. We specialize in design, engineering, financing, installation, and support.
We will do everything that we can to help you qualify and be approved for the NYSERDA Smart Energy Loan in New York, by far the lowest cost of financing around.
Contact us today to schedule a consultation!