There is no better time than now to start looking into ways to improve your energy efficiency. Energy efficiency is a win-win for everyone. The International Energy Agency (IEA) reports that “energy efficiency could deliver a reduction in annual energy-related emissions of 3.5 Gt CO2-eq (12%) compared with 2017 levels, delivering over 40% of the abatement required to be in line with the Paris Agreement. Combined with renewable energy and other measures, energy efficiency is therefore indispensable to achieving global climate targets.”
But it isn’t just the environment that’s set to benefit from reaching the energy consumption goals laid out in the Paris Agreement. The benefits are multitudinous: from cost savings, overall health and well-being, better air quality, and increased energy access.
Here are just a few of the benefits all people will experience:
- Increased household disposable income
- Improved access to clean energy sources and reliable appliances, especially for those living in emerging economies
- Reductions in air pollution
- Better health outcomes
In a nutshell, the climate and our health and quality of life are all at stake. So what can we at Potter HVAC do to help? We can take measures to improve the heating and ductwork systems in your home to have more positive impacts on your indoor air quality and comfortability. With improved energy efficiency, we can save you yearly costs on your heating and cooling bills, provide consistent heating and cooling throughout your home, and what’s more? You will stand to benefit in even more significant ways. The IEA has reported that with more comfortable indoor air and better ventilation, there is a reduction in respiratory and cardiovascular diseases and allergies. In response to better health, there are significant gains in mental health as well.
Behind these energy improvements are significant costs, often upfront, that the typical homeowner may not be in a position to cover. And that is why both New York State and the U.S. are providing incentives for people to improve their energy efficiency. Here’s what you need to know:
Inflation Reduction Act - Energy Incentives
In August of this year, the Inflation Reduction Act (IRA) laid out the most substantial incentives for improving energy efficiency, the likes of which have not been seen in the U.S. possibly ever. The Inflation Reduction Act is projected to reduce greenhouse gases by 40% by 2030. According to CNET, American homeowners “stand to receive up to $14,000 for energy efficiency improvements”, and that does not include the solar tax credit that has also been increased. Not only will upfront costs be covered by rebates, but hundreds of dollars per year could also be saved by homeowners each year, depending on where they live and how much energy their household uses. The IRA includes $370 billion for energy climate programs, which have major incentives through tax credits and rebates, incentives that will go directly to homeowners who replace furnaces, boilers, and water heaters with high-efficiency electric options.
The bill also includes $9 billion in total energy rebates, including $4.28 billion for the high-efficiency electric home rebate program. To the average homeowner, these cost savings will look like this:
- a rebate of up to $8,000 to install heat pumps
- a rebate of up to $1,750 for a heat-pump water heater
- a rebate of up to $1,600 to insulate and seal a house
- a rebate of up to $2,500 for improvements to electrical wiring
- For homeowners who don’t qualify for rebates, a tax credit of up to $2,000 to install heat pumps.
All the rebates in the Inflation Reduction Act, which cover new electrical panels to heat pumps, add up to homeowners saving up to $14,000, all while making their home more energy efficient and lowering their energy bill yearly. Further, the solar tax credit, which was expanded to 30% from 26% of the total cost, can provide even more energy savings.
NYS Energy Advisor - Rebates and Savings
The energy rebates and tax credits from the IRA are likely not going to be available until the latter half of 2023 and early 2024. So if you plan on making some major changes, like installing geothermal heat pumps or fully integrating air-source heat pumps into your ductwork, we can start the planning process now for the coming year. But if you are interested in making changes now, or need updates sooner, there are currently programs at the state level that will continue to be available at least until federal programs become available. Here is what New York State currently offers:
NY Energy Advisor makes energy savings more accessible to all New Yorkers. They provide income-eligible families and owners of affordable housing with a customized list of energy programs and services in New York State, such as:
- Help to pay monthly energy and fuel bills
- A free home visit with an energy professional to help you identify available energy-savings opportunities
- No-cost, clean energy offerings—like solar power
At Potter HVAC, we offer NYS Clean Heat rebates on ductless mini-splits up to $1000 per ton.
Improving the energy efficiency of your home is a smart investment and with the assistance available from NYSERDA, we at Potter can offer a range of smart energy solutions that align with the programs available in NYS. We will help you identify areas in your home that are driving up energy costs and can provide assistance in completing energy efficiency improvements for a healthier, more comfortable home.
It all starts with a consultation from us, conducted by trained and experienced contractors, which will give you a thorough look at where your home is wasting energy. We can’t wait to help you achieve better energy efficiency in your home. Schedule a visit with us today.