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Grants, Subsidies, Tax Credits, Low Interest Loans

 

There are several options and benefits available to pay for energy improvements.
Below you will find a brief summary of the most popular means of funding and financing for energy improvements. However, we strongly suggest you engage in a thorough discussion with our representatives to be sure you fully understand each option, benefit and qualification requirements.

New York State Funding Eligibility:

Free Energy Audit New York State homeowners are eligible for these programs as long as electric utility service is provided to their home by one of the following participating utilities:

  • Central Hudson Gas & Electric Corporation
  • Consolidated Edison Company of New York, Inc.
  • New York State Electric and Gas Corporation
  • National Grid
  • Rochester Gas and Electric Corporation
  • Orange and Rockland Utilities, Inc.

For information regarding services for Long Island Power Authority territory, Nassau and Suffolk counties, please visit www.lipower.org

 

Customers who pay utility charges to service providers not listed above fall under alternate qualification and eligibility requirements. To determine what benefits may be available to you, please contact our office via email or telephone.

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Program #1
The New York State Energy Research and Development Authority (NYSERDA) is currently offering a low interest rate loan program to homeowners for the installation of qualified energy efficient improvements. The New York Home Performance with ENERGY STAR Loan Program is available to qualified residents of New York State.

Loan offered through Energy Finance Solutions

Key features of an EFS loan:

  • Residential owner-occupied single-family and duplex homes
  • Unsecured loan (homeowner provides no collateral)
  • Borrowers can finance $3,000 – $13,000
  • Fixed rate loan terms available: 5,10 and 15 years
  • No points or closing costs
  • No prepayment penalty
  • Can finance 100% of installation costs
  • Quick approval process – usually 30 minutes or less

Only Building Performance Institute (BPI) Accredited contractors participating in NYSERDA’s Home Performance with ENERGY STAR program are eligible to perform the installation.

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Program #2

Homeowner financing Incentive

If you wish to pay for your energy improvements out of your personal savings or resources, and are not using either of the two options above, you may be eligible to receive 10% of the cost of eligible energy efficiency improvements, up to a maximum incentive of $3,000.00 directly from the program. Payment is authorized and made directly to the homeowner after the program implementer reviews the project, you sign the Certificate of Completion, and pay your contractor.

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Program #3

Low Income Subsidy Program

Assisted Home Performance with ENERGY STAR

You must meet low income qualifications in order to be granted these funds. ( I will have a link here shortly)

These funds are used to pay for cost-effective energy efficiency improvements. However, customers that receive a subsidy are not eligible to receive the 10% Homeowner Financing Incentive (#3 above). The subsidy payment is made directly to the contractor after you sign the Certificate of Completion.

Single Family: The building occupant’s income must be less than or equal to what is listed for the number of people living in the household. Income Qualifications for Assisted Home Performance

Your annual income will be verified using pay stubs with year-to-date earnings and other appropriate documentation. If you are income-eligible, you may receive assistance to cover 50% of the cost of energy improvements. Currently up to $5,000.00 dollars in subsidy is available and will not have to be paid back if you are a qualified low income candidate..

Household income is defined as total cash receipts before taxes from all sources. Income eligibility is based on the past twelve (12) months of total household income.

Renters: Income-qualified tenants can receive up to a 50% subsidy towards the purchase of ENERGY STAR appliances and lighting or other energy-reducing products. Use the chart above to determine if you are income-eligible. Tell your landlord about the benefit that both of you can take advantage of. Your low income allows the landlord to take advantage of this program with you.

2-4 family Building Owners: Assisted Home Performance with ENERGY STAR will perform work in 2-4 unit buildings where either the owner is income qualified and occupies one of the units, or tenants are income-qualified.

An income qualified owner that occupies a unit in a 2-4 unit building can receive a subsidy of up to $5,000 for the whole building without any income verification required for the tenants. A higher subsidy, up to a total of $10,000 per building, may be available if tenants also are income eligible. Use the following (create link to file �MultipleRental.pdf) chart to determine the level of subsidy and count the income-eligible and occupying owner as an income eligible unit.

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Program #4

Federal Tax Credits

The Federal Government Residential Energy Efficiency Tax Credit

Incentive Type: Personal Tax Credit
Eligible Efficiency Technologies: Water Heaters, Furnaces, Boilers, Heat pumps, Air conditioners, Building Insulation, Windows, Doors, Roofs, Circulating fans used in a qualifying furnace
Eligible Renewable/Other Technologies: Biomass, Stoves that use qualified biomass fuel
Applicable Sectors: Residential
Amount: 30%
Maximum Incentive: Aggregate amount of credit for all technologies placed in service in 2009 and 2010 combined is limited to $1,500
Equipment/Installation Requirements: Equipment must be new and in compliance with all applicable performance and safety standards as described in tax code
Authority 1: 26 USC  25C
Date Enacted: 8/8/2005 (subsequently amended)
Date Effective: 1/1/2006
Expiration Date: 12/31/2010

The credit applies to energy efficiency improvements in the building envelope of existing homes and for the purchase of high-efficiency heating, cooling and water-heating equipment. Efficiency improvements or equipment must serve a dwelling in the United States that is owned and used by the taxpayer as a primary residence. The maximum amount of homeowner credit for all improvements combined is $1,500 for equipment purchased during the two-year period of 2009 and 2010.

Building Envelope Improvements Owners of existing homes receive a tax credit worth 30% of the cost of upgrading the efficiency of the building’s envelope. Installation (labor) costs are not included. The following improvements are eligible for the tax credit:

  • Insulation materials and systems designed to reduce a home’s heat loss or gain
  • Exterior doors and windows (including skylights) and
  • Pigmented metal roofs designed to reduce heat gain, and asphalt roofs with appropriate cooling granules.

Heating, Cooling and Water-Heating Equipment Taxpayers who purchase qualified residential energy-efficient property are eligible for a tax credit worth 30% of the system cost, including labor costs. The credit may also be applied to labor costs for assembly and original installation of eligible property. The following types of equipment are eligible:

  • Electric heat pump water heaters
  • Electric heat pumps
  • Central air conditioners
  • Natural gas, propane or oil water heaters
  • Natural gas, propane or oil furnace or hot water boilers
  • Advanced main air circulating fans
  • Biomass stoves that use “plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers”

For nationwide energy incentives click here