It’s about to get even easier for Long Island homeowners to go solar.
New York has been stepping up its solar game, but there’s still room for much more solar in the state.Today, PSEG Long Island and New York State Energy Research and Development Authority (NYSERDA) announced a plan to help increase solar adoption, with the launch of On-Bill Recovery and Smart Energy Loans.
The program, which starts today, lets all PSEG Long Island residential customers apply for solar PV systems from local contractors through a Smart Energy Loan or On-Bill Recovery loan. The great thing about on-bill recovery is that it provides the convenience of repaying a loan through a customer’s power bill. And in this case, a homeowner shouldn’t end up paying any more for their power than they pay now.
“PSEG Long Island is committed to advancing energy efficiency and renewable energy on Long Island,” said Dan Eichhorn, vice president of customer services for PSEG Long Island. “The launch of these loans provides customers with an affordable means to adopt renewable energy and supports the creation of green jobs in the local economy.”
The program includes two low-interest loan options through Green Jobs – Green New York (GJGNY). Both loan options are available for up to $13,000 per applicant and up to $25,000 if the project meets additional cost-effectiveness standards. Both options offer repayment periods of 5, 10, or 15 years and may be combined with the Solar Pioneer Rebate Incentive. For the On-Bill Recovery loan, the loan repayments will appear as a loan installment line item charge on the customer’s PSEG Long Island bill.
Interest rates for the loans could be as low as 3.49%, with rates subject to change. The On-Bill Recovery loans offer a special advantage: monthly payments may not exceed the estimated energy cost savings from the energy upgrades. That means the energy savings should cover most or all of the loan payment, so the upgrades should pay for themselves with the savings they create.
Since 2000, there have been more than 8700 solar PV systems installed on Long Island through residential and commercial solar programs. Increasing solar capacity on Long Island will help PSEG Long Island meet its peak capacity needs and reduce dependence on fossil fuels.