• April, 22 2024

Get free money to buy a heat pump

A heat pump can be expensive and complicated to install, but it will deliver significant cost savings by using less energy – and it will cause less pollution.

This is why government agencies will give New Yorkers a huge chunk of the purchase price.

New York State’s Clean Heat program offers rebates through utility companies that can amount to between $8,000 and $12,000 in savings, a Con Edison spokesman told the New York Times.

“There is also financial assistance available specifically for low- and middle-income households,” the Times noted.

And anyone installing a heat pump can apply for a $2,00 federal tax credit. The federal tax credit shouldn’t be confused with a tax deduction. A tax deduction decreases your taxable income, while a tax credit can be much more significant. It’s a dollar-for-dollar reduction of your income tax bill.

Why a heat pump?

New York is eager to convince people to switch to heat pumps, which can cool as well as heat a building. Heat pumps are seen as a key tool for cutting greenhouse gas emissions. 

Yes, they use electricity, but only 25 percent to 35 percent of what other heating or cooling sources may use. 

Despite its name, the heat pump cools, too. It sends hot air from the house and functions as an air conditioner in the summer. In the winter it reverses the process. It can function well even in sub-zero temperatures.

Heat pumps are increasingly popular as people recognize the virtues and cash in on the government incentives. Con Ed says more than 30,000 homes and businesses in New York City have switched to heat pumps since 2020.

For more details on funding, see 

https://www.nytimes.com/2024/04/14/nyregion/heat-pumps-climate-change.html

Elite HVAC installs and maintains heat pumps in Manhattan, Brooklyn, Queens and Long Island.