PSEG Long Island and the New York State Energy Research and Development Authority (NYSERDA) have launched a residential photovoltaic energy loan program.
Under the program, PSEG Long Island residential customers are able to apply for solar PV systems from local contractors through a Smart Energy Loan or On-Bill Recovery loan.
The program includes two low-interest loan options through Green Jobs – Green New York. Both loan options are available for up to $13,000 per applicant and up to $25,000 if the project meets additional cost-effectiveness standards. Both options offer repayment periods of five, 10 or 15 years and may be combined with the Solar Pioneer Rebate Incentive. If using an On-Bill Recovery loan, the loan repayments will appear as a loan installment line item charge on the customer's PSEG Long Island bill.