Financial incentives encourage home and business owners to adopt energy-efficient technologies and practices. Energy-efficient incentives include loans, grants, bonds, and rebates, along with potential tax and income tax credits. These incentives help reduce the purchasing and installation cost for eligible products and projects, effectively speeding up the ROI (return on investment).
Energy-efficient incentives can also increase consumer awareness of these products and encourage manufacturers to increase production. Stores are more likely to carry the products consumers want to purchase, making planning and completing an energy-efficient retrofit easier and more cost-effective.
Financial incentives often vary by state. Here’s a look at the incentives for New York.
Did you know we have other blogs that offer in-depth looks into different states and their incentive programs? You can check out our full blog feed here, and if interested read, A Look at Energy Efficient Incentives for Pennsylvania.
Financial Incentives for New York
Incentives for NY include a mix of utility, state, and federal programs.
- EmPower NY: The program provides no and low-cost energy efficiency services to HEAP-eligible renters and homeowners. Some of the services covered by the program include performance upgrades and tools to reduce electrical usage.
- 76 West: The contest focuses on attracting entrepreneurs in New York state’s southern tier region. The goal is to create jobs in clean energy businesses. The competition has a $20 million prize budget, including support services. The competition winner can receive a $1 million cash prize to use for clean energy initiatives.
- Green Jobs Green NY: The Green Jobs – Green New York (GJGNY) Program provides MUD and homeowners, along with not-for-profit, and small businesses with access to energy assessments, installation support, low-cost financing for homeowners, and green jobs training. Homeowners can qualify for a $13,000 loan from NYSERDA’s Home Performance and the ENERGY STAR Program. Loans can go up to $25,000 for projects meeting higher cost-effectiveness. Loan repayment periods range from 5, 10, or 15 years. Upcoming programs for small businesses, non-profits, and MUD owners will provide low-interest loans to finance energy efficiency upgrades. Loan payments will be included in the borrower’s energy bill. Loan repayments will be offset by the energy savings the following year.
- Cleaner Greener Communities (CGC): Municipalities in New York state can use the Clean Energy Communities program to implement clean energy practices, reduce energy costs, create jobs, and improve the surrounding environment. Along with providing tools, technical assistance, and additional resources, CGC also rewards businesses for completing their clean energy projects.
- REV Campus Challenge: The REV Campus Challenge recognizes and provides support for colleges and universities in New York State that are implementing clean energy projects and practices on campus and in the surrounding community. The program recognizes schools that are working to reach their academic, environmental, financial, and community goals using clean energy solutions. Program members can participate in the Roadmaps Assistance program. The program supports school programs that are helping them meet their clean energy goals. The Roadmaps Assistance Program provides funding for members to consult with clean energy experts so they can develop effective plans for their clean energy projects.
- Charge NY: The Charge NY program includes three primary strategies aimed at promoting the adoption of PEVs (plug-in electric vehicles). The program offers rebates on the purchase of zero-emission vehicles. It also offers incentives to encourage the installation of PEV charging stations.
- Drive Clean Rebates: The Drive Clean Rebate, part of the Charge NY program, presents a chance for electric vehicle purchasers to receive a rebate of up to $2,000 for either new vehicle acquisitions or leases. This advantageous offer can be further amplified when coupled with the Inflation Reduction Act tax credit, which has the potential to reach up to $7,500. This combination forms an enticing opportunity worth considering.
- DEC Municipal Xero-Emission (ZEV) and ZEV Infrastructure Rebate Program: Cities, towns, villages, and counties can access rebates through the Municipal ZEV Rebate initiative. These rebates are designed to facilitate the acquisition or leasing (with a minimum duration of 36 months) of qualified new zero-emission vehicles for fleet purposes.
- New York Green Bank: The NY Green Bank (NYGB) is supplementing ratepayer-funded programs by leveraging private investments to support clean and energy-efficient programs. The NYGB is working to eliminate barriers and funding gaps by providing products and services to encourage lenders to close credit-worthy deals at a faster rate. The NYGB’s current portfolio includes multiple proposed transactions in the clean energy sector. Examples of the program’s funding include retrofitting the Northpoint School District, installing a CHP system at the Hebrew Home for the Aged in Riverdale, NY, retrofitting multiple NYC Housing Authority developments, and providing support for Sealed, Inc. It is an energy software company financing home energy efficiency projects.
- Local Option – Municipal Sustainable Energy Programs: If you are interested in learning more about local municipal incentive and rebate programs, reach out to us for more information.
- New York Truck Voucher Incentive Program: Administered by the New York State Energy Research and Development Authority (NYSERDA), the New York Truck Voucher Incentive Program (NYTVIP) facilitates the integration of zero-emission vehicle technologies into fleets. Additionally, it contributes to the removal of the oldest and most polluting diesel engines from the roads of New York.
Financial Incentive Management from Incentive Reabte360
If your organization is looking to perform an energy efficiency project within NY or on a national level, the experts at Incentive Rebate360 are here to help. Don’t leave incentive or rebate money on the table, let us maximize your rebate recovery. Call 480-653-8180, email [email protected], or schedule a call that fits your needs by clicking the button below.
Reference: American Council for an Energy-Efficient Economy (2023). State and Local Policy Database. ACEEE. https://database.aceee.org/state/financial-incentives