The homeowners of Binghamton have a unique opportunity to benefit from various energy efficiency rebates and incentives designed to make homes more energy-efficient, comfortable, and cost-effective. The combination of NYSERDA programs and the new Home Electrification Rebates Program under the Inflation Reduction Act offers significant financial support for those looking to improve their home’s energy performance.
Insulation Man is the local, woman owned business that homeowners trust to implement these home improvements, and also the experts on how you can save using these programs. Here are the details of the rebates available for 2024.
NYSERDA Rebates and Incentives
The New York State Energy Research and Development Authority (NYSERDA) provides several programs aimed at improving energy efficiency for homeowners. These programs include the EmPower+ Program, which offers significant financial assistance to eligible households.
EmPower+ Program
The EmPower+ Program is designed to assist low- and moderate-income households in making energy efficiency improvements. It offers two tiers of assistance:
- Tier 1 (Low Income):
- Rebate Amount: Up to $10,000 for no-cost energy efficiency improvements.
- Eligibility: Low income
- Benefits: No-cost home energy assessments and fully covered energy efficiency improvements, which may include insulation, air sealing, and heating and cooling system upgrades.
- Tier 3 (Moderate Income):
- Rebate Amount: Up to 50% discount on eligible work, capped at $5,000.
- Eligibility: Moderate income
- Benefits: Discounted energy assessments and a substantial reduction in the cost of upgrades like insulation and HVAC system improvements.
Inflation Reduction Act: Home Electrification Rebates Program
In a bold move, New York has become the first state approved to launch the Home Electrification Rebates (HEAR) program under the Inflation Reduction Act. This initiative is aimed at accelerating the adoption of energy-efficient technologies and reducing greenhouse gas emissions, allocating $158 million to support home electrification and energy efficiency improvements. HEAR will be managed by NYSERDA through the EmPower+ program, and incentives cover specific upgrades, including up to:
- $1,600 for air sealing, insulation, and ventilation
- $4,000 for electrical service upgrades
- $2,500 for electrical wiring upgrades
- $1,750 for heat pump water heaters
- $8,000 for heat pumps
Rebates Available:
- Heat pumps for heating and cooling
- Upgraded electrical panels to support new energy-efficient technologies
- Insulation and air sealing to improve home energy performance
- Other efficiency improvements that contribute to reduced energy consumption and lower utility bills
How to Apply for These Rebates
Applying for NYSERDA and Home Electrification Rebates is straightforward, but it requires some initial steps:
- Home Energy Assessment: Start by scheduling a home energy assessment. This assessment will identify areas where your home can improve in energy efficiency and determine which rebates you qualify for.
- Eligibility Check: Check your eligibility for different programs based on your household income and the specific upgrades you need.
- Apply for Rebates: Work with a NYSERDA-approved contractor like Insulation Man, who can help you apply for the relevant rebates. Our team is knowledgeable about the application process and can guide you through each step.
- Complete the Upgrades: Once approved, proceed with the recommended energy efficiency improvements.
25C Tax Credit
As a part of the Inflation Reduction Act, the 25C tax credit was extended and improved. Each year that you have improved your energy efficiency through approved upgrades, you can claim 30% of the total cost, up to $1,200, in tax credits on your federal tax liability.
Maximize Your Savings and Comfort with Insulation Man
2024 brings a wealth of opportunities for New York homeowners to enhance their homes’ energy efficiency and save money through the NYSERDA and Home Electrification Rebates programs. By leveraging these rebates, you can make significant upgrades to your home that will lower energy bills, increase comfort, and even improve air quality. For more information on how to apply for these rebates, schedule a home energy assessment with our team today.
