NYSERDA to Add $25,000 Companion Loan November 09 2020
From NYSERDA Treasurer Jeff Pitkin:
A strong interest has been expressed in increasing the $25,000 maximum GJGNY Loan amount limitation (which is set in legislation). We are pleased to announce a new Residential Financing Program loan product, the Companion Loan. NYSERDA's loan originator, Slipstream (EFS), will begin accepting applications for the Companion Loan starting November 13, 2020.NYSERDA is looking for feedback on the Companion Loan as well as questions, which can be submitted to email@example.com. Stakeholders are urged to spread the word on this new opportunity!
The Companion Loan will be available to GJGNY financing customers that have fully utilized the $25,000 GJGNY Loan for their energy efficiency or renewable energy project and need additional loan funding to pay for remaining project costs.
Companion Loans are funded by the New York Green Bank, a division of NYSERDA, and will be an unsecured loan modeled after the Smart Energy Loan (repaid by statement billing/check or automatic payment). The Companion Loan is not eligible for On-Bill Recovery (paid through utility). Separate loan documents and notes will be issued for the GJGNY Loan and the Companion Loan. NYSERDA's loan originator, Slipstream (EFS), will originate both loans simultaneously.
See Mr. Pitkin's full note here.