Memo of Support: On-bill Recovery Loan Transfer Process
May 12, 2021
NYSEIA supports Governor Cuomo’s Departmental Bill #15 to Allow an On-Bill Recovery Loan Transfer Process. The absence of such a process currently increases property owner uncertainty and reduces the use of this valuable option in residential solar projects.
This bill would make it easier to transfer an on-bill loan for renewable energy and energy efficiency measures upon sale of a property. The need for a time-consuming and expensive recording of the loan transfer with local municipalities would be eliminated. We expect this will result in increased sales of residential solar systems with resulting job creation, greenhouse gas reductions, and bill savings for New Yorkers.