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Beginning August 1st, all PSEG Long Island residential customers are able to apply for solar photovoltaic (PV) systems from local contractors through a Smart Energy Loan or On-Bill Recovery loan, which provides the convenience of repaying the loan through their PSEG Long Island bill.
“PSEG Long Island is committed to advancing energy efficiency and renewable energy on Long Island,” said Dan Eichhorn, vice president of customer services for PSEG Long Island. “The launch of these loans provides customers with an affordable means to adopt renewable energy and supports the creation of green jobs in the local economy.”
The program includes two, low-interest loan options through Green Jobs – Green New York (GJGNY). 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 5, 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.
Interest rates could be as low as 3.49 percent and are subject to change. With On-Bill Recovery loans, monthly payments may not exceed the estimated energy cost savings from the energy upgrades, which means the energy savings may cover most or all of the loan payment. In other words, the energy upgrades should pay for themselves with the savings they create.
Since 2000, there have been more than 8,700 solar PV systems installed on Long Island through residential and commercial solar programs. Increasing solar capacity on Long Island will help PSEG Long Island meet its peak capacity needs and reduce dependence on fossil fuels.
PSEG Long Island operates the Long Island Power Authority’s transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated PEG, a publicly traded diversified energy company with annual revenues of $10 billion.