Innovative Energy Efficiency Financing Program Rolled Out to Consumers
Albany – New York consumers are now able to take advantage of a new energy efficiency financing program through the groundbreaking Green Jobs Green New York on-bill recovery law championed by Assembly Energy Chair Kevin Cahill (D-Ulster / Dutchess). The program will allow homeowners to make energy saving improvements and pay for them over time through their utility bills.
“Giving consumers the ability to finance energy saving projects through their utility bills will make it easier for people to make common sense investments that will reduce their monthly bills,” said Assemblymember Cahill. “On-bill financing will present significant job creation opportunities by opening up whole new markets for home improvement contractors.”
Assemblymember Cahill has been leading efforts in the legislature to establish an on-bill recovery program, beginning with the passage of the Green Jobs Green New York Act in 2009. The statewide Green Jobs / Green New York Program, administered by NYSERDA, began in December of 2010. It is backed by $112 million in funding from the State's carbon emission cap and trade program, known as RGGI (pronounced REGGIE). As the program moves forward the funds will be used to leverage private investments to make it self sustaining.
On-bill financing enhances the Green Jobs Green New York Program by allowing electric and gas utilities to offer energy efficiency loans to be paid back on utility bills. Small businesses and not-for-profits will be able to take advantage of the program in the coming months. There is a $150 processing fee associated with this financing option.
“We will be monitoring the program closely to see if the additional utility fee is a hindrance to participation,” said Assemblymember Cahill. “Legislation has been prepared to eliminate the fee for applicants that qualify for the free or low-cost energy audits offered through the Green Jobs Program.”