If you’re a Long Island homeowner considering energy-efficient upgrades, now is the right time to act. You could potentially save thousands of dollars with tax credits, rebates, and lower energy bills. Upgrading to an energy-efficient HVAC system alone can yield significant savings.
25C Energy Efficient Home Improvement Tax Credit in New York
Starting on January 1, 2023, the Inflation Reduction Act (IRA) will offer credits for households that make their homes more energy-efficient. Until December 31, 2022, the offer was a $500 lifetime credit. But starting January 1, 2023, eligible homeowners can get up to 30% of the total cost of certain qualifying expenses as a credit.
Apple Air can help you determine your eligibility and explore your options. Generally, eligible expenses include the cost of the equipment itself, as well as any installation and labor costs. Keep in mind that these tax credits won’t provide immediate savings but will factor into your tax credit amount when you file your taxes for the year the work is done. Choosing the right equipment is key to getting the maximum deduction and savings.
Home Owner Managing Energy Savings (HOMES) Rebate Program
The Home Owner Managing Energy Savings (HOMES) rebate program offers a rebate of $4,000 to $8,000 for reducing your energy usage by at least 35%. The rebate increases with the amount of energy you save. This program is available to anyone, regardless of income, and can add value to your home as you get money back for spending less on energy bills. Low- to moderate-income homeowners may even be eligible for double the rebate amount and up to 80% of project costs. Apple Air can provide you with more information about this program and help you choose the right equipment to enjoy the benefits of tax credits and long-term savings in reduced energy bills.
High-Efficiency Electric Home Rebate Act (HEEHRA)
The High-Efficiency Electric Home Rebate Act (HEEHRA) is a program that provides rebates for households that install energy-efficient electric appliances and complete electrification projects. The program is specifically designed to help low to moderate-income households save money on their energy bills and reduce their carbon footprint.
Through the HEEHRA program, eligible households can receive rebates of up to $14,000 per year. These rebates are available for the purchase and installation of qualifying home systems, including water heaters and HVAC systems. Additionally, the program covers a portion of upgrading to more energy efficient heating and air conditioning system.
The available rebates for the HEEHRA program are outlined in the chart above. These rebates can make a significant impact on a household’s energy costs and help them become more environmentally conscious. By taking advantage of these rebates, households can not only save money but also contribute to a more sustainable future.
Save Money by Taking Advantage of Inflation Reduction Act Tax Credits on Long Island
Don’t miss out on the opportunity to make your Long Island home more energy-efficient and save money. Contact Apple Air today to get started.
