On-Bill Recovery Loan (OBR) 09/05/2014 The On-Bill Recovery Loan is a way to obtain loans for energy efficiency improvements through the New York State Energy Research and Development Authority (NYSERDA) and to repay these through a charge on the customer’s electric bill. On-Bill Recovery makes it easy to pay for home energy improvements without paying cash up front. The PSEGLI program was recently launched (August 2014). Here’s what the program entails: ¥ No down-payment required ¥ Loans under 15 years will qualify for $25,000 ¥ Loans over 15 years will qualify for $13,000 ¥ Loan terms can range from 5-15 years ¥ Low interest rates – 3.49% for terms of 5, 10 and 15 years (subject to change) ¥ Convenient – no separate bill to pay. The loan repayments will appear as a loan installment line item charge on your PSEGLI bill ¥ Repay from the money you save on energy ¥ If you sell your home you will have the option to transfer the unpaid balance of the loan to the new owners ¥ The customer must have good credit and pay their PSEGLI bills on time each month The On-Bill Recovery program will have unlimited funding through New York’s Green Bank Program. Interest rates will be between 2.99 and 3.50% depending on market conditions. NYSERDA administers the program and provides the capital. The utility, in this case PSEGLI, does the billing and collection of loan payments from the homeowner. If the customer has non-payment issues during the course of the loan the customer will be billed separately until the utility service direct payments are re-established. Your repayment amount will be based on projected savings on your energy bills. In order to qualify for the loan, the new monthly payment for the loan cannot be more than the current monthly electric bill the customer pays now. Example = New Monthly Electric Bill + Monthly Loan Payment must be less than the current monthly electric bill. So as a general rule, customers with the higher electric bill should have an easier time qualifying than those with very low electric bills. The loan will be designed so that projected energy savings equal or exceed payments. In order to make this work in some cases you may have to use Same as Cash Loans or short term loans or customer cash payments. This would be for higher priced jobs or higher priced modules in some cases. For full eligibility requirements and instructions on how to apply for the On-Bill Recovery loan, visit http://www.energyfinancesolutions.com/nysolar or call 1-800-361-5663.