Upgrading your home efficiency can save a significant amount of money on monthly energy bills, heating & cooling repairs, and even replacement equipment. However, making upgrades does require some kind of an initial investment.
Green Team LI can help homeowners from throughout Nassau, Suffolk and Queens find financing or rebates to help make their needed retrofits and home performance improvements a reality. There are many incentive programs throughout Nassau, Suffolk and Queens that can make improving your home’s efficiency more affordable. Green Team LI is a participating contractor in these programs and can help you navigate the entire process, from eligibility to paperwork.
Home Efficiency Tax Credits & Rebates in NY
Since incentive programs are often changing due to the availability of funds, the best way to find out exactly how much you can save on home efficiency upgrades is through an energy audit with our team. Not only are energy audits a requirement for most rebate programs, but they also ensure that the improvements made to your home will have the largest impact on your efficiency, comfort, and indoor health. Plus, many homeowners qualify to get an energy audit for free!
Inflation Reduction Act Tax Credits
The Inflation Reduction Act (IRA) tax credits, also known as the Energy Efficient Home Improvement Tax Credit, allow homeowners to reduce their federal tax liability by 30% of the cost of qualified home upgrades. These credits can be claimed annually for separate services until 2032, with an annual cap of $3,200. Here’s how it breaks down:
- Heat Pump Tax Credits – Claim up to $2,000 for heat pump installations, including ducted or ductless mini splits and heat pump water heaters.
- Home Efficiency & HVAC Tax Credits – Claim up to $1,200 per year for insulation and air sealing services (not including on-site labor) and ENERGY STAR certified HVAC equipment, such as furnaces, air conditioners, and water heaters. Home energy audits also qualify for up to $150 in federal tax credits in this bracket.
IRA Rebate Programs: Coming Soon to New York
The Inflation Reduction Act also introduced Home Energy Rebate programs, but details are still pending. New York became the first state with approved funding for one of these rebate programs and they’re expected to be available to homeowners sometime in Summer 2024. Stay tuned for updates on when these rebates will be available to homeowners throughout Nassau, Suffolk and Queens.
NYSERDA Incentives
New York State offers several incentives for residents to improve efficiency and upgrade to heat pump heating & cooling systems.
- NYS Clean Heat Program – Offers rebates covering up to 70-100% of the cost of heat pump installation depending on your household income.
- Comfort Home Program – Offers rebates up to $4,000 for home efficiency upgrades, including insulation, air sealing, and ENERGY STAR certified windows.
- EmPower+ Program – Income-eligible residents can receive a no-cost energy audit and weatherization upgrades, like insulation and air sealing.
PSEG Long Island Rebates
PSEG Long Island customers have access to several rebates to make their homes more affordable to heat & cool and save energy, including:
- No-cost energy audits
- Heat pump rebates
- And more
Con Edison Rebates
Con Edison customers can save on home energy upgrades with several rebates, including:
- Air source heat pump rebates up to $12,000
- Income-qualified no-cost weatherization
- And more
Financing Options
New York State offers several different financing options for upgrades that improve the energy efficiency of your home. Key details include:
- Interest rates from 3.49–6.99%
- 15-year term, caps at $25,000
- Typical approval in 24-48 hours
Eligible upgrades include:
- Attic insulation
- Wall insulation
- Air sealing
- Spray foam insulation
- Crawl space insulation
- Air source heat pumps
- Hot water systems
- Windows
- Air conditioning systems
- and more!
Town of Babylon
Babylon homeowners have access to financing that includes:
- 3% annual interest
- Up to $15,000
- Insulation, air sealing, heating systems, air source heat pumps, and hot water systems all qualify
- Note: Cannot be used for windows, air conditioning, or solar
- No credit check! If you own a home in the Township of Babylon, you are eligible.
Third-Party Financing
Finally, there are third-party financing options as well, typically with higher spending limits and no early payment penalties. Homeowners often use this financing in conjunction with NY State or Town of Babylon-sponsored financing.
Bundle Financing with a Solar Project
When our customers finance their solar project through SunPower, we often help them bundle energy efficiency or HVAC improvements with solar to take advantage of the reduced financing costs. By doing this, we can leverage our whole house approach and reduce your home’s total energy usage and concurrently add a renewable energy source.
Maximize Your Savings with Green Team LI
At Green Team LI, we’re dedicated to helping customers throughout Nassau, Suffolk and Queens maximize their savings and get the most out of home efficiency upgrades. Our goal is to identify affordable home improvements that will help save you money for years to come, and we can design an energy efficiency upgrade plan that takes the most advantage of available incentives.
