For those of you thinking about taking out a loan for green home improvements, there's good news from the New York State Energy Research and Development Authority. From now until July 31, 2009, NYSERDA is offering the New York Energy $mart Loan Fund program, which provides an interest rate reduction off a participating lender's normal loan interest rate for a term up to 10 years on loans for certain energy-efficiency improvements or renewable technologies. The interest rate reduction for most of the New York State is up to 4% (400 basis points), and Con Edison customers may be eligible to receive an interest rate reduction up to 6.5% (650 basis points).
Owners of existing 1-4 family homes can qualify for reduced interest rates on loans up to $20,000 ($30,000 for Con Edison customers) used to finance certain energy-efficient improvements, including:
Owners of existing 1-4 family homes can qualify for reduced interest rates on loans up to $20,000 ($30,000 for Con Edison customers) used to finance certain energy-efficient improvements, including:
It's a great way to save money on your home-improvement loan, while saving money on your energy bill. Go to www.nyserda.org/loanfund and click on Payment and Savings Calculator to calculate your potential savings.
- energy-efficient applicances
- heating and air-conditioning systems
- lighting, windows, and hot-water heaters
- insulation, duct sealing, and weather stripping
- motors and energy-management systems
- irrigation equipment
- solar and wind systems
- measures that pay for themselves in ten years or less through reduced energy use
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