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The New York State Energy SmartSM Loan Fund Program

 New York Energy $mart Loan Fund logo
by: Marilyn Dare & Tom Reynolds 

Energy Costs Can Go Down

When is the last time you saw your energy bill go down?  Probably when you consumed less energy.  In our current environment of continually rising energy costs, it is probably a good time to figure out how to consume less. This will most likely mean investing in modern energy efficient facilities and systems.  Fortunately, for many New York State small businesses there is a simple, low cost way to finance energy-efficient projects.

The New York State Energy SmartSM Loan Fund Program can provide an interest rate reduction of up to 4.0% off of a lender’s regular interest rate for a term up to ten years if  the loan proceeds are used for eligible energy-efficiency improvements and/or renewable technologies.

To qualify a small business must pay the Systems Benefits Charge (SBC) as part of their utility bill to any of the following utility companies:

  • Central Hudson Gas & Electric Corporation;

  • New York State Electric & Gas Corporation;

  • National Grid;

  • Rochester Gas and Electric Corporation; or

  • Orange and Rockland Utilities Inc.

In addition, certain Consolidated Edison Company of New York customers may be eligible for an interest rate reduction up to 6.5% for up to ten years.

The New York State Energy SmartSM Loan Fund was created by the New York State Energy Research and Development Authority (NYSERDA), a public authority created to promote energy efficiency. NYSERDA does not get involved with any “credit decision” aspects of the loan. NYSERDA does however determine if the project is eligible for participation in the program.  Eligible energy efficient projects or “qualified measures” can include the following:

  • Appliances, computers, copiers;

  • Heating and air conditioning systems;

  • Lighting, windows, and hot water heaters;

  • Insulation, duct sealing and weather stripping;

  • Motors and energy management systems; and

  • Solar and wind systems.        

These custom measures, subject to approval by NYSERDA, pay for themselves in ten years or less through reduced energy use and expense.

The maximum loan amount that can receive the interest rate reduction is $1,000,000; although certified “Green Building Improvements” can be eligible for an additional $500,000.

As a participating lender in the New York State Energy SmartSM Loan Fund Program NYBDC can assist with the financing and structuring of Energy Smart Loans. 

Marilyn Dare has worked at NYSERDA for nine years promoting energy efficiency in the commercial and industrial sectors.  As a Project Manager, Marilyn manages the New York Energy $martSM  Loan Fund and Small Commercial Lighting Program, along with other market transformation projects at NYSERDA. 

Tom Reynolds, Assistant Vice President, NYBDC, Empire State CDC: The 504 Company, and SZCC is a loan officer serving the Northern Central Region.  Tom has been with NYBDC for three years. Prior to joining NYBDC, Tom worked in banking and economic development and worked in business assistance programs with the State University of New York

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