Kasselman Solar & NYSERDA Launch Affordable Solar
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 solar panels. 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 3.49 percent. For the last 2.5 years, all New Yorkers have been able to borrow for solar power projects at a rate of 3.49 percent. 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.