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On-Bill Recovery Loans - New York State Energy R&D Authority Partners w/ Concord

Read Time 3 mins | Written by: Tom Myers

Convenient new financing option builds payments directly into consumer utility bills, driving reduced delinquencies.

How can states harness the power of clean energy to make it a reality for their residents? There isn’t an easy answer to this question. But the New York State Energy Research and Development Authority (NYSERDA) was established to help the Empire State find a path forward. It strives to reduce greenhouse gas emissions, accelerate economic growth and decrease consumer energy bills by advancing the use of renewable energy sources. 

Concord’s relationship with NYSERDA dates back to 2010, when we began servicing Smart Energy loans for the organization. Since then, NYSERDA’s consumer energy financing program has grown dramatically. Residents now have several options to help them finance their energy efficiency and renewable energy home improvements. And as NYSERDA’s financing program has grown, so has its relationship with Concord. 

An On-Bill Recovery loan pioneer 

Concord helped NYSERDA add an innovative new component to its suite of energy financing options: On-Bill Recovery (OBR) loans. OBR loan payments are built directly into consumers’ utility bills, providing a fast and convenient way for them to make monthly payments. OBR loans are structured like Smart Energy loans. However, monthly loan payment amounts may not exceed the estimated average monthly energy cost savings. OBR loans also require cooperation with the borrower’s utility provider.

“Concord is a pioneer in On-Bill Recovery loans, with extensive experience implementing these programs in the energy industry,” said Shaun O’Neill, President & Chief Revenue Officer at Concord. “We know how to work with utilities to create the best possible program, and how to support effective customer relationships to maintain it and foster growth.”

Delinquency and default rates tend to be lower with OBR loans because the payments are built directly into consumers’ utility bills. They can be a great fit for organizations looking to offer increased flexibility and convenience for consumers, while minimizing portfolio risk. OBR loans also give utility providers a unique opportunity to build stronger relationships with their customers throughout the loan repayment process. 

“NYSERDA’s goal is to help support New York lenders and residents to advance clean energy projects that reduce greenhouse gas emissions and improve air quality,” said John Joshi, Director of Financing Solutions, NYSERDA. “Partnerships like the one we have with Concord shows how public and private collaboration is critical to driving this effort, and it serves as a model for how other states can tackle climate change and reach their clean energy goals, as well.” 

“NYSERDA is a trailblazer in the clean energy movement,” said O’Neill. “With innovative programs like On-Bill Recovery loans, Concord can provide the critical financing options needed to help advance the organization’s objectives and give New Yorkers the financial tools they need to support a clean energy future.”

Our unique loan servicing approach 

Concord delivers compliant, flexible, and scalable loan servicing solutions to meet the demands of loan originators and capital providers – and their customers. Professional loan servicing is critical to ensure that proper compliance, security, administrative and reporting needs are met. And our proven collections approach helps maintain portfolio performance and ratings agency confidence. 

What makes us uniquely suited to serve energy financing needs? Our deep expertise in these critical areas:

  • On-Bill Recovery – we can provide customer-friendly and convenient energy loan payments directly on utility bills.
  • Deferred Interest and ITC Program Financing Options – we support flexible financing products with ITC buydowns and re-amortization.
  • Contractor and Installation Escalation Management – we provide front-line customer service with configurable workflows.

Contact us at (866) 493-6393 or to learn how we can support financing for your energy program. 

Tom Myers

20+ years in finance, with a passion for solar, home improvement, and state energy. Deeply rooted in the evolving capital market landscape, I'm all about building trust, brand, and tech-forward solutions. Let's connect!