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Name |
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New York Energy Smart Loan Fund |
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Active |
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Funding Mechanism |
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Loan fund |
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Duration |
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open through June 30, 2005, or until funds are fully committed |
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Objectives |
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To promote energy efficiency by encouraging State residents and business owners and operators to take advantage of available products, technologies, and other measures that reduce energy use |
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Sponsors |
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The New York State Energy and Research Authority |
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Eligible Sectors |
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Any individual, corporation, partnership, joint venture, or other organization from any economic sector of the economy including commercial, industry, retail, agriculture, not-for-profit, institutional, residential, and multifamily may seek an interest rate reduction, provided that the it is the party responsible for paying the applicable utility bills for the facility which wishes to improve. |
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Eligible Projects/Technologies |
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Pre-qualified measures that are proven cost-effective investments that reduce energy use, custom measures that pay for themselves in energy use reductions in 10 years or less and renewable technologies. |
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Fund Endowment |
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A network of participating lenders including banks, credit unions, community development financial institutions, and farm credit associations. |
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Terms |
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-Funding Instruments |
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-Interest Rates |
The lender's interest rate is bought down by 4.5% percent. Interest rate reductions are available for the lesser of five years or the life of the loan |
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-Payback |
Maximum 10 years |
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-Size |
Up to US$ 500,000. Maximum loan size for multi-family dwellings (5 or more units) is the lesser of US$ 5,000/unit or US$ 5,000,000. |
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-Collateral |
Depends upon bank underwriting criteria. |
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-Share of loan in project cost |
Limited to energy efficiency measures only. Can represent 100% of the project cost. |
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-Loan criteria |
1) Have identified an eligible improvement project and have necessary documentation, 2) Have a loan commitment from a participating lender, 3) Be an electric customer of one of the following utilities: Central Hudson , Con Edison, NYSEG, Niagara Mohawk, Orange and Rockland , or Rochester Gas & Electric |
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Comments |
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Potential borrowers first complete a participating lender's individual loan application and provide required documentation. The participating lender evaluates the application pursuant to its usual and customary underwriting practices and policies. If the borrower meets the participating lender's credit standards, the participating lender and borrower submit the Lender/Borrower Application to NYSERDA. Assuming NYSERDA finds that the project meets applicable program eligibility criteria, an award letter is issued after which the loan may close. In exchange for the participating lender's agreement to charge the borrower a reduced interest rate on the approved loan amount, NYSERDA provides the lender with a one-time lump sum payment representing the present value of the difference between the lender's interest rate and the reduced interest rate. |
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Sources |
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NYSERDA |
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| Contact Information |
Kevin Hunt klh@nyserda.org |
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