Lower Electric Bills at Lower Costs
In May 2024, New York became the first state to offer state rebates on energy saving home improvements through the Inflation Reduction Act (IRA). The move helps New Yorkers lower upfront costs for major projects, like getting a heat pump. Better yet, these home upgrades can lower energy use by a wide margin which means cheaper electric costs for New Yorkers. Let’s check out the home energy rebates NY is now offering to help you save more.
Who Is Eligible for NY Home Energy Rebates?
The first box to tick for inclusion in this program is being a homeowner in NY. Landlords can also use the program if they own a home or building with four units or less.
Additionally, there are income limits for the program. Specifically, the homeowner’s income must be below 80 percent of the Area Median Income according to American Public Power Association. On the other hand, if a homeowner is part of a utility payment assistance program, they are also eligible.
What Can I Get Energy Rebates For?
There are many projects and products the NY rebates cover. However, they all have important things in common: they boost energy efficiency and cut down fossil fuel use.
For example, heating, cooling, and water heating are major targets for the rebates. This is because a large percentage of residential energy use goes toward these three things. Therefore, New Yorkers can now get big rebates on heat pumps and heat pump water heaters.
Certain home projects also put a big dent in energy use and lower electric bills. That’s why insulation materials, exterior doors, and windows are also part of the program.
You can also get rebates for solar panels, electric cars, and electrical upgrades for eligible projects.
How Much Can I Save with Home Energy Rebates?
Low-income households have a rebate cap of $10,000 per project. Additionally, moderate-income households have a cap of $5,000. However, the amount you can get also depends on the project.
According to NYSERDA, New Yorkers can get up to $9,000 for a heat pump. For insulation you could get up to $4,000. Finally, for a new electric car get up to $2,000.
Why Is New York Offering Home Energy Rebates?
Firstly, New York is shooting for some big goals for green energy requirements. Helping NY residents use less energy in their homes plays a part in reaching these goals. But the state actually gets the budget for these credits from the feds. Specifically, there is $159.3 million of funding for this program.
Furthermore, with some of the highest electric rates in the country, New Yorkers suffer under the weight of hefty energy bills. The state aims to combat that, in part, by moving residents toward lower energy use.
Be sure to learn about more ways to save energy plus follow other NY energy news at https://www.nyenergyratings.com.