UPDATE: NY Renewable Energy Loan Program
The state of New York is now offering several variations of loans for homes who start a renewable energy project. There are several different types of technologies that are eligible for the loan that is being offered. As for solar power, the types of solar that can obtain the loans are:
- Solar Hot Water Heaters
- Solar Space Heaters
NY Solar Loan Dollar Amounts:
The minimum loan available through this program is $1,500 and that is only allowed for income qualified people
The rest of the loans must be between $3,000 and $13,000. The loan may fund the project completely. Details regarding the repayment of the loan and the actual solar loan terms are based on the length of time selected for repayment. The general idea is that the loans can take on a 3.50% to 4% interest rate which is very low.
If you are looking to take part in this green energy loan program in New York state, you should definitely look into the solar hot water technology. This type of solar will give you the most bang for your buck, and will pay for itself well inside of 5 years. Also, the typical costs for a solar hot water heater are just a few thousand dollars and sometimes even less than $2,000.