NYSERDA Announces Tax Credit Bridge Loan December 21 2020
On December 17th NYSERDA unveiled a short-term loan product which enables residential customers to finance federal and state tax credits for eligible renewable energy system products. On January 4, 2021, contractors may begin submitting project scopes and pro-formas for customers who are eligible for a Smart Energy or On-Bill Loan and request the Bridge Loan.
The Bridge Loan will be available to GJGNY financing customers who want to borrow a portion of the renewable energy system cost that may be eligible for a federal or state income tax credits or NYC Real Property Tax Abatement.
Funded through the GJGNY Loan fund, these Bridge Loans can be paired with a traditional GJGNY Term Loan (combined loan amounts cannot exceed $25,000) and a Companion Loan. Separate loan documents and notes will be issued for the Bridge Loan, GJGNY Term Loan and the Companion Loan. NYSERDA's loan originator, Slipstream (EFS), will originate all loans simultaneously.
See the full statement from NYSERDA here.