In less than 2 weeks, New York State Energy Research & Development Association (NYSERDA) will implement changes to its Green Jobs-Green New York (GJGNY) Loan Program. As of Sept. 1, 2016, NYSERDA will no longer offer GJGNY at a 3.49% fixed interest cost. Schedule your site visit now to get going on your solar system before NYS interest increases take effect.
The new interest rates will be as follows:
- 3.49% for households with incomes up to 80% of the area median income (AMI), which is the same as the current interest rate
- 4.99% for households with incomes above 80% AMI up to 120% AMI
- 5.99% for households with incomes above 120% AMI who are only eligible through Tier 2 criteria
- 6.99% for energy efficiency only projects for households with incomes above 120% AMI who qualify through Tier 1 criteria
- 7.99% for PV projects or projects including renewable energy systems for households with incomes above 120% AMI who qualify through Tier 1 criteria.
This means that if you already have a GJGNY loan, your interest rates will not change. If you acquire a GJGNY loan before Sept. 1, you can still acquire a loan with a 3.49% fixed interest rate. If you acquire a GJGNY loan after Sept. 1, your interest rate will be as stated above based on your household income.
Please reach out to us by phone, email, or website if you have any questions.
As always - shine on!