National Energy Efficiency Program Starts in New York

Nov, 16 2013 01:11

The New York State Energy Research and Development Authority (NYSERDA) has raised over $24 million to finance loans for residential energy efficiency improvements for New York homeowners.

Promoting Energy Efficiency

NYSERDA issued Residential Energy Efficiency Financing Revenue Bonds as part of its Green Jobs – Green New York (GJGNY) program. The goal of the program is to promote energy efficiency and provide grants for people to install clean technologies into their home, and make energy efficient retrofits to save money on their energy bills and positively impact the environment.

Low-Cost Financing

This approach is important because it is a model other states are now using to raise money for clean-energy projects. Low-cost financing for energy-efficiency projects is a nationwide goal, and NYSERDA has found a way to make it happen.

AAA Bonds

The bonds have been rated AAA by Standard & Poor’s and Moody’s, because they have been guaranteed by the New York State Environmental Facilities Corporation (EFC) through its State Revolving Fund (SRF) program.

Grant Money Across the Country

Because of the reduction in fossil fuel combustion and air pollutants, the bonds qualified for financial assistance from the Clean Water SRF. New York is the first state to use the SRF to support initiatives that impact public health and pollute important bodies of water, but they won’t be the last. What New York has created is a blueprint that other states around the country can use to provide grant money in the same way.

Energy Star Program

NYSERDA runs a Home Performance program with Energy Star to identify and install cost-effective retrofits and technologies to decrease energy consumption, decrease energy bills and increase energy efficiency throughout New York. Many other states have similar programs to help businesses and homeowners finance energy efficiency retrofits.

Save Money and Increase Jobs

These programs don't just help homeowners save money and the environment, but they provide jobs to thousands of people in the green industry – those who install solar panels, upgrade furnaces, replace windows, do insulation and more. And of course, the energy auditors who make the determinations in the first place about the best way to conserve energy and save money.

How Can YOU Save?

If you want to find out how these programs can help you save money, contact your local Building Energy Pros affiliate, or call Building Energy Pros at 1-800-309-6006 or visit www.buildingenergypros.com