From CNBC: 2024-06-20 09:42:21

New York launches energy-efficient rebate program, offering homeowners up to $14,000 in rebates for upgrades. The Inflation Reduction Act allocated $8.8 billion for two rebate programs to reduce carbon emissions and energy bills. Other states expected to follow suit by summer’s end.

Low-income households in New York can access up to $24,000 in rebates by combining federal funds with state programs. Homeowners can make energy-efficient upgrades, such as air sealing, insulation, and electric appliances, to reduce emissions and energy costs.

Seventeen states have applied for Home Energy Rebates funding, with New York being the first to roll out funding to consumers. The Energy Department anticipates more states will offer rebates before September, starting with California and Hawaii.

The Home Efficiency Rebates program created by the Inflation Reduction Act offers financial incentives for energy-efficient upgrades. For low and middle-income homeowners, rebates are available for projects such as insulation, electrical upgrades, and heat pumps, with a maximum amount per project.

New York aims to expand the Home Efficiency Rebates program to include moderate income residents, multifamily buildings, and the purchase of electric appliances. The state will launch the second phase of the program by the end of 2024, providing more opportunities for residents to make energy-efficient upgrades.

The Home Efficiency Rebates program is technology-neutral, rewarding households based on the energy savings achieved through efficiency upgrades. Receiving rebates of up to $8,000, all households are eligible to participate in the program, regardless of income level.

Read more: More states poised to offer Inflation Reduction Act energy rebates