State officials said there’s never been a better time for
middle and low income families to invest in solar energy.
Beginning this month, the state is raising interest rates
on its solar loan program for high income borrowers in order
to expand access to those earning less.
Terry Stackhouse reports for Time Warner Cable News.
GREENVILLE, N.Y - A ‘no brainer’, that’s how Lonnie Avery describes his
decision to invest in solar panels for his Greenville home.
“Because of the low interest loans and purchasing
solar panels that are going to save me an incredible
amount of money,” said Lonnie Avery, investing in
Lonnie secured a loan through the New York State
Energy Research and Development Authority’s solar
incentive program New York Sun at a rate of
For the last 2.5 years, all New Yorkers have been able to
borrow for solar power projects at a rate of 3.49
Beginning this month, only households with an
income less than 80-percent of the median income
in their area will be able to take advantage that interest rate.
Those earning above 80 percent will now pay 4.99
percent interest, up to 7.99 percent for homes
earning 120 percent of the median local income.
“We are continuing our low interest loans for low
interest households to have them have access so
they can participate in this program,”
said John Rhodes, NYSERDA President.
NYSERDA President John Rhodes said due to the
success of solar, banks and lenders are clamoring to
the solar market and rate change ensures middle
and low income families will be able afford solar
installations in the future.
“It is good for the environment, it is good for the
clean energy economy, it creates jobs in the
neighborhood,” said Rhodes.
“We’re able to offer an opportunity to for New Yorkers that were
never able to utilize the solar incentives
that were available before an opportunity to save right away and
increase and put value into their homes,”
said Scott Rakowski of Kasselman Solar.