§ 135-G — Financing

New York § 135-G

• Jurisdiction: New York
• Law PBS: Public Service
• Art. 7-A: Home Insulation and Conservation

Text

§ 135-g. Financing. 1. Where any home conservation plan is approved by\nthe commission and requires utility financing, any such plan shall\nprovide that upon entering into a financing contract and security\nagreement with an eligible customer, the utility shall reimburse such\neligible customer, or pay directly to an authorized contractor and/or\nsupplier a sum of money to cover the costs of installing energy\nconservation measures, subject to the maximum amount set forth in\nsubdivision four hereof. Such sum shall be referred to as "the amount\nfinanced".\n 2. Any such home conservation plan shall contain several options for\nperiod of repayment; provided, however, the maximum repayment period\nshall be seven years and it shall be offered in each plan.\n 3. Each participant shall repay to the utility the total amount\nfinanced plus allowable interest charges on such amounts, through\ncharges separately set forth and identified, on such participant's\nperiodic bill for gas or electric service from the financing utility, or\nmay be separately billed as provided in the plan.\n 4. The total amount financed by a participant shall not exceed two\nthousand five hundred dollars in the case of a single family home, three\nthousand five hundred dollars in the case of a two family home, four\nthousand dollars in the case of a three family home, and four thousand\nfive hundred dollars in the case of a four family home.\n The total amount financed by a participant for paragraph (j) of\nsubdivision four of section one hundred thirty-five-b of this chapter\nshall not exceed four thousand dollars in the case of a single family\nhome, five thousand dollars in the case of a two family home, five\nthousand five hundred dollars in the case of a three family home, and\nsix thousand dollars in the case of a four family home.\n 5. In the event an eligible customer takes both electric service and\ngas service from different utilities, the customer may choose to\nparticipate in one plan offered by either the gas company or the\nelectric company, but not both. The total amount financed shall become\nan added portion of the bill from the one utility in whose plan the\ncustomer participates and shall become a debt due such utility.\n 6. Any financing utility shall be entitled to receive interest from\neach participating, eligible customer on the amount financed by that\ncustomer at a maximum rate to be determined by the commission in\napproving the utility's home conservation plan. In determining the\nmaximum rate of interest, the commission shall consider the cost of\nborrowing to the utility from all available sources, the cost of\nfinancing generally available to potential participating customers from\nother sources, the maximum use of funds available to a utility, efforts\nby the utility to minimize interest costs, and shall endeavor to set the\nrate in a manner which will assist customers in installing energy\nconservation measures at the lowest possible cost. In no event shall the\ninterest rate exceed the overall rate of return awarded to the utility\nin its last general rate case. The commission and any financing utility\nshall develop and adopt means for minimizing the cost to utilities for\nproviding financing under this article.\n 7. In adopting any such home conservation plan the commission shall\nset maximum aggregate amounts to be available for financing by each\nutility in the year of its plan.\n