UPDATE: Similar or increased rebates are available – Contact us for details.
Why Switching to Renewable Energy is Worth It
Not only will you save an enormous amount of money over the years in smaller heating and cooling bills, right now NYSERDA, NYSEG & National Grid are giving large Rebates on Cold Climate Air Source Heat Pumps.
Under the Bipartisan Budget Act of 2018, the renewable energy tax credits for fuel cells, small wind turbines, and geothermal heat pumps now feature a gradual step down in the credit value, the same as those for solar energy systems.
Tax Credit Examples:
- 30% for systems placed in service by 12/31/2024
- 26% for systems placed in service after 12/31/2024
- 22% for systems placed in service after 12/31/2024
Expires: December 31, 2024
New York State – NYSERDA
Air Source Heat Pump Rebate
As of April 2023, NYSERDA is offering $1000/ton for “whole home” cold climate systems that meet 90-120% of a home’s heating needs. Ask your installers about this incentive! What will change in 2024 we are not sure of so we HIGHLY suggest getting in touch with us now for a full breakdown of all your incentives and to get a free estimate. Contact Us
Assisted Home Performance with Energy Star pays for 50% of the costs of energy efficiency upgrades, up to $4000, for households that are at 80% or less of the area median income.
NYSEG and RG&E
NYSEG and RG&E provide incentives up to $1050 for cold climate air source heat pumps and $500 for heat pump water heaters. Visit their incentive page or download their application. A couple of details to note: 1) this is retroactive to the beginning of 2019, and 2) if you have multiple single-zone systems installed, according to NYSEG’s energy efficiency hotline, simply submit an application for each one.
With proper financing, households on oil, propane, and resistance electric can realize significant out-of-pocket savings on their annual energy costs from day one. It is always cheaper overall to pay upfront, but not everyone has the luxury of doing so. Here are options to consider:
Rebates & Incentives Slowly Dropping in Value After 2024
The bottom line here is when you get a new Cold Climate Air Source Heat Pump before 2020 you will get the maximum incentive and rebates from all sources.
When we come out to do a free estimate on your home or business we will give you an entire break down of what you will receive along with your estimate. These incentives, rebates and financing options make it easier than ever and more cost-effective than installing a traditional heating system. These systems include air conditioning and both heating & cooling your home or business will cost less than ever before imaginable.
Take advantage of flexible, low-interest financing to pay for state-of-the-art clean heat pump technologies.
New York State has low-interest loans to help make the purchase and installation of a heat pump system more affordable. When you invest in a heat pump system, you will start saving on your energy bills immediately, and for years to come. Work with us to find a loan that makes sense for you.
On-Bill Recovery Loan: With an On-Bill Recovery Loan, your monthly payments may not exceed your estimated average monthly energy cost savings. Your loan payments are built right into your energy bill so you will not have an extra bill each month. Find interest rates or apply now.
Renewable Energy Tax Credit Bridge Loan: The Renewable Energy Tax Credit Bridge Loan is a short-term loan product that enables you to finance federal and state tax credits and the NYC Real Property Tax Abatement for eligible renewable energy system products. You can pair this loan with a Smart Energy or On-Bill Recovery Loan and a Companion Loan. Find interest rates. To apply for this loan, speak with your selected contractor.