NYSERDA Launches Energy Loan
Program in New York City
RELEASE: IMMEDIATE, February 8, 2001
CONTACT: Tom Collins, NYSERDA
(518) 862-1090, ext. 3250
Albany, NY – The New York State Energy Research and Development
Authority (NYSERDA) launched the New York Energy $martSM
Loan program in New York City with the first loan being awarded to
a co-op in Jackson Heights, Queens through the Community Capital Bank
of Brooklyn. The loan program provides reduced-interest loans through
participating lenders to finance renovation or construction projects
that improve a facility’s energy efficiency or incorporate renewable
energy systems.
The Brulene Co-operative Apartments in Jackson Heights was the first
New York City project to receive financing through this program, which
cuts interest rates by 4.5%. Any commercial, industrial, retail, agricultural,
non-profit, or multifamily facility is eligible for the interest rate
reduction assuming the project for which financing is sought includes
energy efficiency measures or renewable energy technologies. At Brulene
Apartments, the financing was secured for installing energy-efficient
windows that improve the energy performance of the complex by substantially
reducing drafts.
“Since the windows were installed, shareholders have reported
that their apartments are warmer and during high winds there aren’t
as many drafts,” said Mary Vavruska, President of the Board
of the Brulene Co-operative Apartments. “There is also less
noise from the airplanes, so from an environmental standpoint we’re
better off, too.”
Ms. Vavruska said the New York Energy $martSM Loan program enabled the co-op
to borrow nearly $250,000 for the windows at 5% interest. Because
the program cuts the cost of financing and reduces energy charges,
it allows participants to save money twice. With Community Capital
Bank, loans of up to $500,000 may receive interest reductions for
a maximum of five years. The program only funds the energy-related
improvements and borrowers in New York State must be electric distribution
customers of one of the State’s six investor-owned utilities.
“With energy costs escalating and growing concern over energy
supplies, it’s important that everyone realize that increasing
energy efficiency can save energy and lower costs,” said NYSERDA
President William M. Flynn. “The loan program helps to reduce
the costs associated with making these efficiency improvements.
It’s also simple because customers can work with their existing
banks and there are no additional fees or extensive paperwork required
to apply for these loans.”
Projects automatically qualifying for interest reductions through
the New York Energy $martSM
Loan program, include those that:
- Purchase Energy Star® windows and appliances;
- Install insulation, duct sealing, and weatherstripping;
- Purchase efficient residential boilers and water heaters;
- Upgrade or install nine categories of high efficiency lighting;
- Upgrade or install 12 categories of heating, hot water, and air
conditioning equipment, including heat pumps;
- Install efficient motors; and
- Install occupancy controls and energy management systems.
Seven categories of renewable technologies also qualify including
solar hot water and heating, photovoltaics (solar cells), and wind
generators. Other, custom projects may also qualify but need to be
evaluated and approved by NYSERDA.
NYSERDA is a public-benefit corporation established by the State
Legislature in 1975 to address the State energy and environmental
challenges in ways that also benefit the economy. NYSERDA’s New
York Energy $martSM Loan program
is financed by a System Benefits Charge established by the New York
State Public Service Commission on the State’s investor- owned
utilities to ensure that important research and development and energy
efficiency services continue during the utilities’ transition
to competition.
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