Saving Money on Your Energy Bill Just Got Easier, Thanks to a New Rebate Program
There’s exciting news on the horizon for homeowners looking to save on their energy bills. New York is officially the first US state to launch a new home energy rebate program as part of President Biden’s Inflation Reduction Act.
New Yorkers will be the first of many participating states to receive up to $14,000 toward energy-efficient improvements to their homes.
Ready to get rid of high energy bills? Now you can do it for free. Find out more about the program ahead.
About the Home Energy Rebates Program
The program’s goal is to help low- and moderate-income families save on their energy bills by upgrading their homes to make them more efficient.
So, what types of energy efficient renovations qualify for home energy rebates? This includes upgrades such as heat pumps and heat pump water heaters, insulation, air sealing, ventilation, and even electrical upgrades.
The program’s offering is two-fold: it gives you a cheaper way to make your home more energy efficient and helps lower your energy costs in the long run. Not only will you be able to get the total cost of these upgrades fully covered, but you’ll also be making your home more energy efficient, lowering your bills in the long run.
New York offers a certain dollar amount for each home improvement project. For example, up to $2,500 can be awarded for electrical upgrades, while heat pumps offer rebates of up to $8,000. Looking to the future, New York hopes to increase incentives to $8,000 for eligible households that can reduce their overall energy use by at least 20%.
So, depending on the funding your state receives, you may be able to get help renovating your home so you can earn even more money later…on top of what you’ve already saved.
Is This Program a Good Fit for You?
We’re all excited about the opportunity to save money through clean energy. But is it worth starting home renovations to immediately get a discount? Answer: it depends.
To help you prepare for lower rates, the program recommends getting a formal energy assessment for free or at a discount. This will help you (and the state) know how much energy you’re wasting in your home and where you can improve.
You should also check your program eligibility using the free income calculator on the EmPower+ NY website.
However, the discount cannot be granted retroactively at this time. If you want the state to cover the full cost of your home improvement project, you will need to apply for special funding through your state.
Specific projects included in the Home Energy Rebate Program may vary slightly by state. It will also depend on whether your home qualifies for improvements. There are currently 17 states in the enrollment process, with more discounts expected to roll out in September.
How the Rebates Work Now
Are you wondering how the discount will work? In New York, required repairs will be identified and completed by NYSERDA. You’ll receive a free home inspection to confirm what improvements you qualify for—and once you’re approved, the project will be completed and inspected.
Update availability, eligibility, and total funding may vary by state. To check where your status is during the application process, you can visit the program’s online status tracker.
To learn more about how you can start saving money on energy now, you can also visit Energy.gov for tips, guides and more information about home energy rebates.