The NYSERDA loan is a great option, and thankfully we are one of the few companies on Long Island that are able to offer it. The idea behind this loan is that it allow customers to finance solar for their homes with an affordable fixed interest rate at 3.49%, compared to the other banks that offer solar loans starting at 6.49%. This NYSERDA loan has only a $150 origination fee and has no pre-payment penalties. This loan is most certainly the best loan being offered in the green energy market today.
If you have solar on your roof and you have no electric bill, the NYSERDA loan payment has to be cheaper then what your average electric bill was. In some cases, if the roof size can not support the size of the solar system needed to eliminate your bills completely, then the customer has an offset with their bill. Either way, the payment for the loan must be less expensive then the electric it is replacing. Therefore, you save money right away by paying less per month and you own your own solar system for your home.
With the Federal, State and NYSERDA rebate that you receive for going solar, which is typically $15,000 on average, you have the ability to pay the loan down and shorten the remaining years on the loan. Many customers can be fully paid off in their 6th or 7th year, which leaves them with no bills at all (electric or loan) for the next 20+ years, with a system that is warrantied for 25 years and will probably last for 40. The savings are immense and with the PSEG raising their rates and fees every month the savings just keep growing.
Thank you NYSERDA for this great loan and a brighter future