Energy $mart^SM Loan Requirements

Loans submitted for this program must meet the following qualifying requirements:

• Loans must be for planned improvements to property that result in increased energy efficiency and meet the minimal energy requirements set by NYSERDA
• The customer must complete an HSBC Personal Installment Loan credit application along with applicable forms included in the "New York State Energy Smart Loan Fund Kit" (the customer may obtain assistance from their architect, energy consultant or builder to complete the Energy Smart forms)
• Customers must first meet HSBCs credit criteria before the Energy Smart forms will be forwarded to NYSERDA
• Effective April 1, 2004,  New York State requires NYSERDA loans to be secured. Loans may be secured by real estate, cash automobiles or any collateral deemed acceptable by HSBC Bank USA, National Association. The selected HSBC branch will work with the customer to determine the most appropriate form of collateral
• If the loan does not meet the requirements for the rate reduction from NYSERDA, the customer may still obtain the loan from HSBC at the current market rate
• If only part of the loan meets the requirements for the rate reduction from NYSERDA, the customer may apply for a second loan for the non-qualifying amount
• New construction projects are not eligible
• Available to any owner or occupant of a 1-4 unit dwelling in New York State who is a customer of one of the following utility companies:
  • Central Hudson Gas & Electric
  • Consolidated Edison Company of New York
  • New York State Electric & Gas (NYSEG)
  • Niagara Mohawk Power Corporation
  • Rochester Gas & Electric Corporation
  • Orange and Rockland Utilities, Inc.