The New York State Senate today passed legislation to make energy-efficient upgrades more affordable for homeowners and businesses. The bill (S6914), sponsored by Senator Rich Funke (R-C-I, Fairport), would extend the On-Bill Recovery Financing Program through the Green Jobs - Green New York program which allows homeowners and businesses to finance energy improvements through a charge on their utility bill -- saving them money and creating green jobs.
Senator Funke said, “The On-Bill Financing option makes it more affordable for residents to invest in their own green energy systems by spreading out the up-front cost on their monthly utility bills at a special low-interest rate. I’m proud our bill would extend On-Bill Financing for all for another year. Thanks to my Senate colleagues for their bipartisan support of a program that helps to generate more affordable energy, a stronger power grid, and good-paying jobs in my community and across New York.”
The legislation continues On-Bill Financing for one year which gives homeowners and small businesses access to low-interest loans from the New York State Energy Research and Development Authority (NYSERDA) for energy-saving improvements. The loans would be paid back as monthly charges on their utility bills. The advantage of this method is that the money saved from installing energy-related improvements reduces overall energy use and makes the loan repayment almost unnoticeable on the utility bill.
The bill will be sent to the Assembly.