NY-Sun Loan Program

Program NY-Sun Loan Program
Category Financial Incentive
Implementing sector State
Last Update
State New York
Website http://ny-sun.ny.gov/Get-Solar/NY-Sun-Financing.aspx
Technologies Solar Thermal Process Heat, Solar Photovoltaics
Sectors Residential

NY-Sun loan program is part of broader NY-Sun Initiative program to accelerate the use of solar PV across the State. In addition to cash incentives, NY-Sun Initiative also provides State sponsored low-interest financing options to install solar PV systems.  The financing for the program is made available through the Green Jobs- Green New York (GJGNY) Act of 2009. 


The PV installations up to 200 kW should be performed by a participating Solar Electric Installer. List of participating installers is available here. Beginning from October, 2014, NY-Sun loan program has added Solar Thermal as an eligible resource for financing. Financing structure for Solar Thermal equipment are as same as offered for Solar PV systems. Additional financial incentives for Solar Thermal systems can be accessed here.


Residential customers can qualify for$1,500, or up to $25,000 loans with higher cost-effectiveness standards. The repayment periods can be 5, 10, or 15 years and should be within the expected life of the installation. Residential customers can choose between a standard loan or a On-Bill financing loan. These loans are provided by the Energy Finance Solutions (EFS) on behalf of NYSERDA.

Residential Smart Energy Loan

This loan provides a standard loan with interest rates subject to the customer’s credit qualification (see the interest rate estimator to determine which rate may be available). In case of transfer or sale of the property, the customer remains responsible for the outstanding balance of the loan which cannot be assigned.

Residential and Small Business/ Not-for Profit On-Bill Recovery Loan

On bill financing loans available for residential, small business, and not-for profit institutions. This loan provides the convenience of repayment through a regular charge on the customer’s utility bill. This loan provides a standard loan with interest rates subject to the customer’s credit qualification (see the interest rate estimator to determine which rate may be available).The payments appear as a separate item on the utility bill. The monthly payments may not exceed the estimated cost savings from the improvements over the loan term. In case of sale of the property, the payments can be transferable.

Small Business and Not-For-Profit Organizations

Small business and Not-For-Profit organizations can obtain low interest standard loan up to $100,000, or On-Bill Recovery loans up to $50,000. In addition to PV installation, the funds may also be used to finance certain eligible energy efficiency improvements in the building. More information about financing options for Small business and Not-for-Profit customers can be accessed here.

Small Commercial participation loans

Apart on-bill financing loans, small commercial and not-for-profit organizations also have an option to financing systems through a traditional loan structure. Financing up to $100,000 is provided to eligible customer at below market interest rates. NYSERDA provides 50% of the project cost up to $50,000 at 2% interest rate and the participating lender provides the rest of the loan at market rates. 

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