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Since 2012, the state of New York has introduced a variety of programs to re-orient its energy production towards sustainable sources. As a clean, renewable means of generating electricity, solar energy has assumed a lead role in the state’s efforts, which include a nearly $1 billion commitment from the governor’s office to stimulate market growth and rapidly multiply the number of solar systems in place today.

That’s great news for homeowners, because it means that solar has never been more affordable or accessible. If you’ve been considering adding an array to your home to decrease your utility bills, there’s no time like the present!

How to Pay for Your Home Solar System

Solar financing through NY-Sun includes low-interest loans as well as on-bill recovery options. Residential customers can secure up to $13,000 ($25,000 with higher cost-effectiveness standards), with repayment on a 5, 10 or 15-year basis.

With the On-Bill Recovery repayment option, you can pay for your solar system through a monthly installment charge on your utility bill. The best part is that your monthly payments cannot exceed the estimated energy cost savings from the energy upgrades, which means the energy savings might cover most—if not all—of your loan payment. Interest rates are based on your credit qualification and are subject to change.

Alternatively, NY-Sun also offers a Residential Smart Energy Loan as a more traditional option. This loan features affordable interest rates based on your credit score, flexible terms and simple repayment options.

Small Commercial and Not-For-Profit Solar Loans

If you own a small commercial building that houses a business or non-profit, you can also qualify for NY-Sun loans. Again, there are low-interest (known as Participation Loans in this case) and On-Bill Recovery options.

The terms of a Small Commercial Participation loan are only slightly more complicated than for the residential equivalent. In this case, NYSERDA works with private lenders to make up to $100,000 in funding available. NYSERDA offers 50% of the project cost—up to $50,000—at 2% interest. The remainder is covered by the private lender at the market interest rate.

For Small Business/Not-for Profit On-Bill Recovery Loans, the current interest rate is 2.5%, which is subject to change. Repayment functions just as it does for residential projects—payments are made via a monthly charge on your utility bills.

PACE Financing

For small businesses, there is another option: the Energize NY Finance commercial program, which offers low-cost, long-term financing primarily for small businesses, for up to the full cost of energy improvements that reduce energy consumption or generate renewable energy. The program uses an innovative form of financing called Property Assessed Clean Energy (PACE). Unlike traditional financing, Energize NY’s PACE program focuses on the project’s potential for energy savings. It is repaid through an annual tax charge on the property (like water or sewer charges) over the term of the financing. If the property is sold, the energy savings and financing automatically transfers to the new owner.

Get more information about financing options by talking to our team. Call 212.389.9215 or contact us today.

What Our Customers Are Saying

  • David delivers! A true professional that talks at any level in discussing complex systems. David staff is knowledgeable about the product and is efficient installer. I would highly recommend them. David's team delivers!

    Chris S, Batavia, NY
  • I thought that this would be a good investment towards my retirement. The time will never be better do to solar energy the federal government provides tax credit and I would not hesitate to do it.

    Gerald Singleton, Queens, NY
  • YSG Solar is the best company when it comes to price of the system, quality of materials, and workmanship. I checked about 7 different companies and YSG offered the best system with the most up to date, state of the art, solar equipment.

    Anthony D, Huntington, NY
  • Love being a Solar family now! My utility bill has dropped to next to nothing. YSG Solar was a fabulous company to deal with. Everything they said they would do, they did. The job was completed quickly and professionally with no hiccups.

    George T, Washingtonville, NY
  • residential solar panels Hamburg, NY

    I had a 7kw solar system installed in July of 2012 by YSG and I'm thrilled with with the outcome, My first bill was under $20 and I have an inground pool and the pump that runs 12 hrs. a day, July and August were hot and the air conditioning ran just about every day all day.

    Rod, Hamburg, NY
  • home solar panel installation, East North Port, NY

    I was most satisfied with the professionalism of everyone from YSG. I would like to recognize Dave for his exceptional service on my project.

    Danny G, East North Port, NY
  • residential solar panel installation in Garden City, NY

    Very knowledgeable courteous would highly recommend the crew was extremely professional.

    Fiona B., Garden City, NY
  • home solar installation in West Islip, NY

    I was most satisfied with the way that it was installed. They cleaned up everything and we had no problems with the Installation

    Vincent D., West Islip, NY
  • home solar panel installation, West Seneca, NY

    I was most satisfied with how they handled all of the paperwork and all the work permits. I recommend them all the time and send their contact information to everyone any chance that I get. I was very happy with them.

    Gina S., West Seneca, NY
  • residential solar panel array in Huntington, NY

    We received rebates for making our home more energy efficient from both the utility company and the government.

    Robert F., Huntington, NY
  • My electric bill last month was $28.48!!! I can't wait to see the summer bills.

    Richard F., Grand Island, NY
  • The quality of the work and professionalism of the staff was outstanding.

    Andy G., Island Park, NY
  • I would like to thank the staff at You Save Green for doing a good job and their professionalism. I would and will recommend them for solar installations.

    Beverly C., Freeport, NY
  • Very nice crew , polite and efficient. advised me of numerous details along the w ay and lived up to everything they promised. would highly recommend them to all.

    Eddie S., Brooklyn, NY
  • I have to say your workers at YSG Joshua, Henry & Nelwin are terrific! They are going above and beyond and doing a great job. Thanks again.

    Mercedes V., Howardbeach, NY
  • I was most satisfied with the workmanship. It was excellent. Both of my neighbors have used them, and a friend of mine used them. I hand out their paperwork to anyone that's interested in saving money.

    Larry G, Huntington NY
  • I am very happy with the solar system! it is producing very nicely and will probably beet the annual estimate you gave me.

    David W., Palmyra, NY
  • I was most satisfied that they worked long hours and did a really fast job.

    Colean C., West Babylon, NY