Requires on-bill financing be an option for certain energy efficiency services; requires the disclosure of on-bill financing prior to the sale of real property.
This bill would require any person, corporation, or municipality offering certain energy efficiency services to also offer on-bill financing for those services. The bill defines energy efficiency services broadly to include weatherization, HVAC repair and replacement, thermostat upgrades, water heater work, insulation, lighting upgrades, appliance replacement, solar thermal systems, fuel switching, geothermal systems, and related minor repairs or health-and-safety measures tied to energy savings. It adds parallel requirements to both the public authorities law and the public service law, ensuring the financing option applies across different types of service providers and programs.
The bill also expands real property disclosure rules for homes or other property subject to on-bill financing. Before a sale, the seller would have to notify the buyer that the property is subject to an on-bill financing charge, disclose the original amount, payment schedule, remaining balance, the energy improvements performed, and whether the financing will remain with the property after closing or be paid off by the seller. A buyer who suffers a loss from a violation could recover actual damages. The bill would take effect on January 1 following enactment, with immediate authorization for any needed implementing regulations.
The bill would amend the public authorities law, public service law, and real property law to create a statewide requirement that on-bill financing be made available for qualifying energy efficiency services and to standardize disclosure of such financing in real estate transactions. It would affect energy service providers, utilities or program administrators, municipalities, property sellers, and prospective purchasers by imposing financing-offer obligations and new pre-sale notice duties. It also broadens the existing disclosure framework that previously focused on Green Jobs-Green New York on-bill recovery charges to cover other forms of on-bill financing.
Based on the bill text and the absence of recorded committee debate or votes in the provided materials, the overall sentiment appears supportive of expanding access to energy efficiency upgrades and making financing more accessible to property owners. The measure is framed as a consumer and clean-energy policy, suggesting a pro-efficiency, pro-renovation orientation. No formal opposition, amendments, or vote totals are provided in the record supplied here.
The main points of potential contention are likely to be the mandate that all qualifying providers offer on-bill financing and the administrative burden of tracking and disclosing financing obligations at the time of sale. Property sellers may object to the added disclosure requirements and possible complications if a financing balance remains attached to the property. Energy service providers, utilities, or municipalities could also raise concerns about program design, underwriting, repayment risk, and compliance costs, especially because the bill applies broadly to many types of energy efficiency work.