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ZeroDraft: Residential

Financing

financingWhen you are thinking about updating your home’s heating, cooling, or insulating systems, we strongly recommend looking into various incentives the state and federal government offer to homeowners.

Zerodraft supports the many great benefits provided by the government, which homeowners can take advantage of. The federal incentives are tax credits given for a variety of energy efficient improvements made to your home. The state incentives include loans, subsidies and other cash incentives.

Federal
Tax Credit: 30% of cost with no upper limit
Expires: December 31, 2016
Details: Existing homes & new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify.
Includes:

  • Geothermal Heat Pumps
  • Small Wind Turbines (Residential)
  • Solar Energy Systems

Tax Credit: 30% of the cost, up to $500 per .5 kW of power capacity

Expires: December 31, 2016
Details: Existing homes & new construction qualify. Must be your principal residence. Rentals and second homes do not qualify.
Includes:

  • Fuel Cells (Residential Fuel Cell and Microturbine System)

Please note that not all ENERGY STAR® products qualify for a tax credit.

See if you qualify today! For more information and details/restrictions on the federal tax incentives listed above, visit the Energy Star tax incentives page.

State

Home Performance With ENERGY STAR® Program Can Help You Lower Your Energy Bills And Make Your Home Safer And More Comfortable!

What is it?

financing

Home Performance with ENERGY STAR® is a consumer-funded program to assist eligible homeowners with covering the cost of energy saving improvements in their homes. All improved measures must be submitted through a certified contractor, like Zerodraft, to verify their potential for energy savings and ensure they are safe in the home.

 

How do I know if I am eligible?

While the eligibility changes with the specific incentive, the primary need is for you to be a customer of one of the following utility companies:

  • National Grid
  • NYSEG
  • Rochester G & E
  • Orange & Rockland
  • Central Hudson G & E
  • Consolidated Edison

What incentives are offered?

There are six major incentives offered to residential customers.

  1. The High Efficiency Measure Incentive
    This is a 10% cash back incentive on the total cost of qualified measures. Anyone that pays for a project by their own means, is eligible to receive this incentive. Payment is authorized after you sign the Certificate of Completion and the program implementer reviews the project. It can take 6-8 weeks to receive this payment from NYSERDA after approval.

  2. NY Smart Energy Loan

    Available to owners of existing residential homes with 1 to 4 dwelling units
  • Unsecured loan (homeowner provides no collateral)
  • Low, fixed interest rate loan with a discount for automated (ACH) monthly repayments
  • Borrowers can finance $3,000 - $25,000 (except a minimum loan amount of $1,500 for Borrowers approved for the Assisted Home Performance with ENERGY STAR subsidy)
    • Loans above $13,000 are required to achieve a payback of 15 years or less
  • Loan repayment periods of 5, 10, or 15 years
    • Loan repayment period may not exceed the weighted useful life of the financed measures
  • No prepayment penalties
  • Pre-approval process, usually 24-48 hours

Download the NY Smart Energy Loan application

  1. The Assisted Home Performance Subsidy
    This is a subsidy (that you do not need to repay) given to eligible homeowners that will pay for 50% of the proposed eligible measures up to a maximum award of $5,000. The customer is then responsible for paying whatever balance remains. This is a subsidy for income-eligible homeowners or renters. One great feature of this incentive is that The Assisted Home Performance Subsidy can be combined with the ENERGY STAR® Loan or the NY Smart Energy Loan Fund. This loan cannot be combined with the Home Efficiency Measures Incentive (HEMI).
  • The first requirement for receiving this award is dependent upon being at or below the income limits for the number of household members. The Grant award examines all forms of income from all household members. Then find out if your household income level qualifies here.

  • The second requirement is ensuring that the specified project will have a minimum standard of energy savings over the expected lifecycle of the improvements. A certified contractor who performs a FREE Home Evaluation can determine this.
  1. New York Smart Energy Loan Fund
    The NY Smart Energy Loan Fund is a simple, low-cost way to finance energy efficient and renewable technology projects for individual use. The program provides an interest rate reduction off of a participating lender/lessor’s normal interest rate for a term up to 10 years. The interest rate reduction for most of the state is up to 4% (400 basis points). These loans may be unsecured for up to $20,000. To locate a participating lender in your area, use the Click Here. Procedures and conditions may vary by participating lender and by loan.
  1. Eligible Improvements for 1-4 Family Homes are:
  • Eligible Measures and Accessories that have been determined by NYSERDA to meet the Home Performance with ENERGY STAR® Program guidelines.
  • The purchase of ENERGY STAR® Appliances.
  • The purchase and installation of grid-connected wind turbine systems by a NYSERDA- eligible installer.
  1. On-Bill Recovery Financing Program (On Utility Bill):

    The On-Bill Recovery Financing Program allows you to finance energy efficiency improvements to your home through a charge on your utility bill. Your repayment amount will be based on projected savings on your energy bills. Participate in the Home Performance with ENERGY STAR® Program to have a BPI accredited contractor perform a comprehensive home energy assessment and recommend energy-efficiency improvements. Then, make your project even more affordable by paying for your energy-efficiency improvements through NYSERDA’s special low-rate On-Bill Recovery Financing Program.

    It’s a convenient way to finance improvements that make your home more energy efficient and comfortable. The payments appear as a separate line item on your utility bill and are financed at a special low interest rate. Payments are transferable if you sell your property.

    Customers of the following utilities are eligible for the On-Bill Recovery Financing Program: Central Hudson Gas and Electric, Con Edison, Long Island Power Authority, New York State Electric and Gas Corporation, National Grid (upstate NY customers only), Orange and Rockland, and Rochester Gas and Electric Corporation.

    Learn more about Residential On-Bill Recovery Loans and other financing options or apply for the On-Bill Recovery Financing Program at Energy Finance Solutions. Read the Frequently Asked Questions about the On-Bill Recovery Financing Program.

For more information, please visit www.nyserda.ny.gov or www.energystar.gov.

If you have interest in any of these incentives through Home Performance with ENERGY STAR® please download the respective applications below and contact our office about how we can help you improve your home comfort and durability with ENERGY STAR®.

Download the Loan Application (Required for the ENERGY STAR® Loan)

Download the Subsidy Application (Required for the Subsidy/Grant Award)