Babylon Municipal Financing
Congratulations, Babylon New York property owners! You live in a city that supports easy energy efficiency and solar financing.
How does Babylon’s energy improvement financing program work?
The Babylon-based The Long Island Green Homes program was launched last October after the city of 220,000 people redefined its solid-waste code to include energy waste, based on its carbon content. Thanks to this program, residents can apply for as much as $12,000 in loans to finance home-energy-efficiency improvements. Homeowners also can use the program to finance rooftop solar panels. After an energy audit to determine how much a homeowner could save in utility bills, the town pays a local contractor to do the energy improvements. The homeowner then pays the money back to the town through regular trash bills, with 3% interest, and the loan is structured so the homeowner pays less than he or she is saving in utilities.
That sounds great! How is Babylon able to do this?
The Long Island Green Homes Program pays the contractor the entire cost of the energy-efficiency improvements. Under a separate contract with the homeowner, the Town sets up a monthly payment plan that has the homeowner pay for the improvements over time only from projected utility bill cost savings.
Is the Long Island Green Homes program available now?
Yes, its currently available.