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31.05.2024 - 20:07 / thespruce.com / Sophia Beams
There’s exciting news ahead for homeowners who are looking to save money on their electric bills. New York is officially the first US state to implement the new Home Energy Rebates program, part of President Biden’s Inflation Reduction Act.
New York residents will be the first of many soon-to-join states to receive up to $14,000 to make energy-saving improvements to their homes.
Ready to get rid of that high electric bill? Now you can do so at potentially no cost. Learn more about the program ahead.
The goal of the program is to help low- and mid-income families save money on electricity by providing home upgrades that will make residences more efficient.
So, what kinds of energy-saving renovations qualify for Home Energy Rebates? This covers upgrades like heat pumps and heat pump water heaters, insulation, air sealing, ventilation, and even electrical updates.
The incentives of the program are twofold: to give you a cheaper way to make your home more energy-efficient and to help you lower your costs on energy in the long term. Not only could you receive full coverage on the total cost of these upgrades, they’ll also help your home save more energy, lowering your bills in the long run.
New York offers a specific amount of money for each home improvement project. For example, up to $2,500 is offered for an electrical upgrade, while heat pumps have a rebate of up to $8,000. Ahead, New York hopes to add up to $8,000 in incentives for eligible households who can reduce their overall energy usage by at least 20%.
So, depending on the funding your state receives, you could have help making these home upgrades that will later net you even more money…on top of what you’ve already saved.
We’re all excited about the
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