When you sit down to factor the costs of a new, energy-efficient heating system or a major upgrade to your insulation, it often seems like the savings aren’t enough to justify the costs. What everyone doesn’t know is that most states – New York included – have a variety of energy efficiency programs that help cut the costs of both residential and commercial upgrades. If you’re wondering how to save money on a new, eco-friendly upgrade, we will show you some of the best programs available, and we’ll provide tips to help you find even more great funding opportunities.
Savings for Homeowners
One of the best programs available to homeowners is the Solar Energy System Equipment Credit. This program offers a maximum $5,000 tax credit on the installation of solar equipment. What makes this program unique is that it’s not just for new installations. Solar installations dating to September 1, 2006 still qualify for the maximum amount, while installations that were installed before that date may qualify for a $3,750 tax credit.
The Home Performance with ENERGY STAR loan is another program that everyone should know about. This program gives homeowners a low interest loan and a 10-percent discount on energy efficient upgrades, including the installation of new HVAC systems, water heaters, refrigerators, lighting and more.
Savings for Businesses
Businesses have several great opportunities, too. For instance, the NY-Sun Incentive Program offers low interest loans with long payoff terms to residential, non-profit and small business customers for solar electricity installations.
If your business is planning to do a large energy efficiency upgrade, the Energize NY Finance program, offered by the Energy Improvement Corporation, offers several benefits. First, you can expect to see low interest rates and long loan terms. Other benefits include loan transferability and repayment options through property taxes. Eligible upgrades include anything from insulation all the way to larger investments like wind turbines or geothermal heating and cooling systems.
Where to Learn More
These aren’t the only money-saving programs available to New York businesses and residents. If you’d like to learn about other programs, the Database of State Incentives for Renewables & Efficiency is a great place to start. Funded by the U.S. Department of Energy and the N.C. Clean Energy Technology Center, this database provides not only state program listings, but also a comprehensive list of federal programs and regulations. You can also check out the New York State Energy Research and Development Authority’s website for further information on energy-efficiency programs and initiatives specific to the state of New York.
If you’re worried about how to finance your energy efficiency project, you can put your fears to rest. Between federal programs, state initiatives and even incentives offered by local utility companies, there are many affordable ways to get the funding you need for your green project.