Wood & Wood Pellets
In addition, the program provides 25% off the installed cost of Advanced Cordwood Boilers and up to 45% off the installed cost of Wood Pellet Boilers. Learn more here.
Air-source heat pumps - NYSERDA currently offers a $500 incentive per outdoor unit to participating installers (who may pass it on to customers).
Ground-source heat pumps, also known as geothermal, remove heat from underground, and are more efficient than air source heat pumps.
There are two significant incentives for geothermal heat pumps:
In addition to the rebates mentioned above, there are a number of financing options to help pay for energy-related improvements. Contractors and our Community Energy Advisers can provide additional information on these options, but we provide an overview below.
On-Bill Recovery Loan
This is a NYSERDA loan in which your loan payments are built right into your utility bill. With this loan, your monthly payments may not exceed your estimated average monthly energy cost savings. So your energy savings essentially pay for your work. Loan amounts of $1,500-$25,000 with terms of 5, 10, or 15 years. Rates are 3.49% for low-income households, 4.99% for households with moderate income, and 5.99% or 6.99% for everyone else. Learn more here.
Smart Energy Loan
This other NYSERDA loan is more traditional, with a monthly payment to NYSERDA's loan servicer. Amounts are from $1,500-$25,000 with terms of 5, 10, and 15 years. Rates range from 3.49% for lower income households who pay by auto payment to 7.49% for upper income households who pay by check. More info here.
Other Financing Options & Local Banks
Your contractor may be able to offer you other financing options. And you may also want to consider a loan through a local bank. Home equity loans can often be useful for energy-related improvements. Some banks even offer special loans for energy projects which you can take advantage of.