We’re really excited this week at Energize, because New York just launched a new financing program that makes it even easier and cheaper to get money from the state to pay for work that will make your home more energy efficient, comfortable, and cheaper to live in.
The program is called On-Bill financing, and the idea behind it is simple: New York will pay an energy efficiency professional to do approved work on your home, and you pay that money back at a super low rate through a monthly charge added to your utility bill.
You don’t have to put any money down, and the amount of your monthly repayment is linked to projected savings, so your total monthly costs should stay the same or go down. And you have a home that is more comfortable and doesn’t waste energy for years to come.
Here are 5 reasons to take advantage of On-Bill right away:
• It’s Cheap: the interest rate is just 2.99%, fixed for the life of the loan. That’s the lowest financing rate ever offered for a program like this.
• Start Saving Right Away: no payment and no interest until June 1st. For the next four months, every penny you save goes right in your pocket.
• Repay Work From Energy Savings: your monthly repayment amount is calculated to meet or beat your projected energy savings, so you shouldn’t see any increase in your monthly bills (including energy efficiency work payments).
• It’s Convenient: because your loan is repaid as a charge on your existing utility bill, you keep doing what you’ve always done. There’s no new bill in your mailbox, and no new check to write.
• Loan Stays With The House: if you sell your home, the loan transfers to the new homeowner as part of their utility bill. But there’s no penalty for paying off the loan in full if you sell — just be sure to include the increased comfort and savings in the value of home when you do.
Right now, most New York homes lose 30% or more of their energy out of leaky, under-insulated or un-insulated walls, floors and ceilings. That means you could be overpaying by 30% or more on your monthly utility bills, and it means your home isn’t nearly as comfortable as it could be, even in an unusually mild winter like this one.
It also means we’re wasting energy we can’t afford to waste. Energy efficient homes not only save money and increase personal comfort, they promote energy independence, the conservation of precious resources, and create jobs and stimulate the local economy.
To get On-Bill financing, sign up for our program or give us a call at 914-244-7210 and we’ll walk you through the process.
Why not take advantage of On-Bill financing today? It’ll do you a world of good.