Island Park, NY, February 28, 2016 – With the ending of the PSEGLI solar rebate, Nassau County residents now have a brand-new program available to make solar more accessible. The solar-specific loan, created by Nassau Financial Federal Credit Union and SunPower by EmPower Solar, was built specifically with Long Island homeowners in mind. This new program allows homeowners to go solar with no upfront cost and replace their existing electric bill with a fixed monthly payment that provides for immediate monthly savings of 30 percent or more.
While similar loan products have enabled thousands of Long Island homeowners to go solar over the last few years, this is the first time that a Long Island based credit union is making this type of program available to their members. Nassau Financial Federal Credit Union, a provider of high-quality, competitively priced consumer financial products for over 80 years provides members complete peace of mind that they can apply directly online at NassauFinancial.org as well as through representatives at SunPower by Empower Solar.
“Our new solar loan program will help our members save money and make a difference on Long Island as we create a cleaner environment,” said John T. DeCelle, President and CEO of Nassau Financial Federal Credit Union. “We are excited to be working with SunPower by EmPower Solar by delivering this unique solar loan opportunity to our members and Long Islanders throughout Nassau County,” added DeCelle.
SunPower by EmPower Solar, in business since 2003 and recently voted the top Long Island solar company on Yelp is the exclusive company offering the Nassau Financial solar loan product to their clients.
“We are thrilled to launch this custom-made program for the Long Island marketplace, allowing homeowners to finally get the world’s best solar panel technology through a Long Island-based installer and local financier – all in one simple package,” said David G. Schieren, CEO of SunPower by EmPower Solar. “This loan is directly in line with our mission of providing the greatest electric bill savings to our clients while delivering an amazing customer experience. We believe this will help thousands of Long Islanders who haven’t had this type of solar opportunity available to them before.” added Schieren.
The loan, with interest rates as low as 3.49 percent APR is available to customers who live, work, worship, go to school or volunteer in Nassau County. The program is available for both built homes or new construction homes that are ideally built solar-ready.
To qualify for the Solar Loan program , homeowners must meet basic criteria;
· Nassau County Resident (or other County affiliations)
· 650+ credit score
· PSEGLI bill of $100 or more
For more information or to see if you qualify for this new solar program,
call (516) 837-3459 or visit
Interested homeowners can also visit NassauFinancial.org/home/lending/solar to apply online, or go to the SunPower by EmPower Solar design center in Island Park to apply for the program in person.
About Nassau Financial Federal Credit Union
Founded in 1936, Nassau Financial Federal Credit Union celebrated its 80th Anniversary on May 23, 2016 as Long Island’s oldest federally chartered credit union. Nassau Financial, based in Westbury, New York, is a not-for-profit financial cooperative with over $400 million in assets serving more than 23,000 members. Nassau Financial is community chartered, serving everyone who lives, works, worships, volunteers or attends school in Nassau County, as well as members of their immediate family or household. Branch locations include Garden City, East Meadow, Oceanside, and Syosset with over 6,000 additional offices available through the Credit Union Service Center network. Nassau Financial also provides its members no-surcharge ATM access at over 28,000 locations throughout LI, the US and the world. Nassau Financial deposits are federally insured up to $250,000 and they offer savings and IRAs; free checking products including Early Pay with Direct Deposit; consumer loans and lines of credit; home financing; electronic and other convenience services including online banking and telephone banking; Mobile banking with mobile check deposit; free financial planning and counseling; and educational seminars. Follow Nassau Financial on Facebook, Instagram and Twitter and on the web at NassauFinancial.org.
About SunPower by EmPower Solar
SunPower by EmPower Solar delivers more savings now and more over time with the industry’s highest efficiency solar panels and best combined power and product warranty.
Since 2003, SunPower by EmPower Solar’s mission has been to deliver high performance solar systems that yield significant savings, all while providing an amazing customer experience. EmPower is the preferred solar provider of over 1,500 New Yorkers and a proud partner to one of the world’s most innovative and sustainable energy companies, SunPower Corporation, leveraging 30 years of industry experience and record-setting technology.
As the only Long Island-based SunPower Master Dealer, SunPower by EmPower Solar is dedicated to maintaining exceptional customer satisfaction ratings, and recently received the Building Inspectors Association of Nassau County Industry Leadership Award and the Angie’s List Super Service Award.
Big news from Tesla Energy: The Powerwall 2.0 Home Battery is here, and we’re excited to announce that as of January 2017 it will become an integral part of our product lineup!The original Powerwall has been wildly popular among consumers, and we expect no less from the impressive and revolutionary Powerwall 2.0.
this week PSEG-Long Island submitted a response to the NYS Public Service
Commission’s (PSC) request for feedback on the future of net-metering. Our team
carefully evaluated the letter and consulted with a number of officials at
PSEG-LI and the NY PSC to determine if there will be any impact to existing or
future clients. At this time, we
strongly believe there will be no negative impact whatsoever to our clients.
First, it is important to remember that at this point in time we are in the very early days of the discussion. PSEG-LI simply submitted feedback to the state regulator. Furthermore, the letter suggested that grandfathering existing net-meter customers is the first priority.
That position, plus precedents on other similar issues, makes us believe it is highly improbable that existing net metering customers will be impacted. Our team is not concerned and neither our past customers nor the many others seeking to go solar should worry at this time.
Please know that we are working hard to obtain answers and clarifications to pass along to you and again, we do not feel there is an immediate need for concern.
Fortunately, solar has strong momentum in the state, and Governor Cuomo has set a goal of achieving 50% renewable energy by 2030. We therefore believe that any net metering changes that occur in this state will be catalytic and not prohibitive of achieving New York’s energy goals.
However, we do agree with PSEG-LI that net-metering should be replaced by a superior electric rate tariff system that more properly values the costs and benefits solar, batteries, and energy efficiency. PSEG-LI referenced a potential time-of-use (TOU) pricing structure. This is a complicated topic, and the rate needs to be carefully designed; we, along with our many allies, will absolutely have significant input on the proceeding.
Several other utilities including Con Edison introduced a very different net-metering plan this week. Other ideas include utilizing different models for residential and commercial systems and structuring those models in a way that will continue to encourage solar growth. Click here to read the full article.
Currently, other parts of the country use TOU models as opposed to the flat price structure that most homes use here in New York. TOU would encourage homeowners to be mindful and smarter about overall energy usage. Charging plug-in cars and running large appliances, for example, would occur at selective times during the day to avoid huge energy surges during periods of peak usage. Fortunately, this is closely related to peak solar production time as well.
Adopting TOU power supply pricing makes a lot of sense and has the potential to benefit solar homeowners. If structured correctly, homeowners would have the power to change their energy habits in a way that saves them more money than a kWh for kWh net metering program would. This is especially the case for homeowners who add battery backup systems to their solar installations; as battery prices decrease and become more affordable, this fits in very well with a TOU pricing model.
Concerns About PSEG-LI Comments: Solar is Great for Middle Class
One statement we do not agree with is that solar " results in particularly regressive cost shifts to lower income customers... since the more affluent can afford the upfront payment required.. ." as studies show that more middle class families go solar versus affluent families. Moreover, our middle-class clients truly value the fixed solar costs, as opposed to the volatile and constantly rising energy costs. Therefore, we believe that solar is a major boon to Long Island’s economy.
Thousands of middle and lower income Long Island families have switched to solar energy over the past few years, and the NYSERDA middle to low income solar incentive further assists them in this goal.
A critical point not addressed in the letter is that solar can have a dramatically positive impact on air quality and public health, an important topic of discussion as Suffolk County is consistently rated with the worst air quality in New York. Click here to learn more.
Again, we are working hard to represent our clients and the industry overall to get clarity from the authorities on what the future holds for net-metering.
As always, we are standing by to answer any questions you may have and should any reasons for concern arise in the future we will certainly communicate with you. At this time, we encourage you to sit back, relax and watch your meters spin backwards as the spring and summer sun is upon us!