Financing

NYSERDA offers a suite of loans to help New York State residents finance energy efficiency improvements and clean energy equipment.

Prior to accessing a NYSERDA loan, homeowners must complete a no-cost energy assessment that provides an overview of a home’s energy use and identifies energy-saving opportunities and services for consideration. To find out what programs are available, click here.

EmPower+ helps low- and moderate-income households save energy and money toward energy improvements made to their primary residence.Through EmPower+, eligible New Yorkers can receive:

• No-cost comprehensive home energy assessments to pinpoint where energy and dollars are being wasted and receive a customized plan to lower energy usage.
• No-cost direct install improvements identified during the assessment can be installed by participating program contractors.
• Funding toward the cost of energy efficiency improvements, including air sealing, insulation, heat pumps, heat pump water heaters, and electrical service and wiring upgrades.

The program is open to income-eligible owners and renters of one- to four-family households. For assistance in applying and navigating home energy upgrades, connect with the Mid-Hudson Valley Clean Energy Hub. For more information on Empower+, click here.

Tax Credits

New York homeowners can use IRA tax credits to reduce the cost of home energy efficiency improvements, energy-saving renovations, and installing efficient heating and cooling systems.

The IRA enhanced the existing Energy Efficient Home Improvement Credit, allowing homeowners to claim 30% of the costs on eligible improvements instead of 10%. From 2023 through 2032, New Yorkers can claim up to $3,200 in efficiency tax credits a year for eligible purchases, including:

• Up to $1,200 for home envelope improvements, including efficient windows, exterior doors, insulation, and electrical panel upgrades. 
• Up to $2,000 for air source heat pumps , heat pump water heaters , and biomass stoves/boilers.

NYS Clean Heat also provides rebates for ground source heat pumps, which are eligible for a 30% IRA tax credit and 25% New York State income tax credit. Heat pump systems are being installed more frequently across New York and the U.S., with national heat pump sales surpassing gas furnaces in 2022.