NYSERDA Air Source Heat Pump Program

NYSERDA, the New York State Energy Research and Development Authority, has just expanded it's Air-Source Heat Pump (ASHP) Program as of April 2019. This program is similar to the better known Solar Program which offers rebates and financing options for solar panel projects. Previously this ASHP Program offered a $500 rebate on the installation of high efficiency cold-climate air-source heat pumps. NOW, for whole house applications there is an expanded rebate program which offers a rebate to the customer of $1000 per ton of the outdoor unit!

Another very important part of this new program expansion by NYSERDA is the addition for customers to get low interest, no money down financing through the state for these systems. The interest rates range from 3.49-7.49% where lower income households can qualify for the lowest rate! This new option to finance these systems will significantly increase it's affordability especially for low income households where these systems might be a no brainer in efficiency and cost, but there are issues in getting a significant chunk of money together at one time. 

There are two types of financing available: On-Bill financing and Smart Energy Loans.

On-Bill Financing:
What are they? Residential On-Bill Recovery loans make it easy to pay and manage installation costs by adding them as a line item to your monthly utility bill. If you decide to sell your home and move, the unpaid balance of the loan can easily be transferred to the new homeowners.
Terms. Interest rates are subject to the customer’s credit qualification. We encourage you to use our interest rate estimator to determine which rate may be available to you. Rates are subject to change.

Smart Energy Loan:
What are they? Through our residential Smart Energy loans, your repayments are made directly to NYSERDA’s loan provider.
Terms. Interest rates are subject to the customer’s credit qualification. We encourage you to use our interest rate estimator to determine which rate may be available to you. Rates are subject to change.

This program expansion is an extension of the Green Jobs Green New York initiative. New York State currently has the goal of cutting our green house gas emissions by 80% by 2050. Air-source heat pumps are going to be a large part of that. They are an environmentally friendly and efficient way to heat your house and/or your business.