Maximizing Geothermal Incentives: New York

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new york city 300x199 Maximizing Geothermal Incentives: New YorkLike many Americans, New Yorkers have seen rising energy costs the past few years. They also have to deal with serious winter weather and real summer heat. Those factors make a geothermal heat pump for home heating and cooling a real option for New York state homeowners. Thanks to some local, state and Federal programs, New Yorkers who want to upgrade their HVAC system with a geothermal heat pump can get rebates, financing and other incentives to do so.

One of the major incentives some New York residents are able to take advantage of is the Energy Conservation Improvements Property Tax Exemption, a state program designed to mitigate an increase in property tax for homeowners who use renewable energy and, in this case, geothermal heat pump systems. They can also use the Federal Renewable Energy Tax Credit to receive a 30% tax credit on the Federal taxes. The Federal credit can also carry over unused credits for future taxable years. Between the property tax exemption and the Federal credit, New York state homeowners can see serious savings on a geothermal heat pump purchase.

Homeowners looking for financing for a geothermal heat pump purchase and installation may also be eligible for a low interest loan through NYSERDA’s Residential Loan Fund. Up to $30,000 may be made available on a 10 year term for qualified geothermal heat pump systems. Contact NYSERDA to see if you are eligible for one of their loans.

For more information on New York geothermal heat pump incentives and rebates, visit the Ingram’s Water & Air State Incentives web site.

See all New York Energy Incentives

To check availability, call us at 1-800-360-1569 or visit our online store.

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