Efficient heating and cooling helps homeowners save money by reducing the cost of home ownership. It also benefits New Jersey and the United States by reducing demand for energy products such as electricity, heating oil, propane and natural gas.
The State of New Jersey and the federal government encourage energy efficiency by providing financial incentives for energy-related home improvements. A homeowner can now save thousands of dollars on heating and cooling upgrades or insulation and sealing by taking advantage of government incentives. The experts at Foley Mechanical can show you how.
The following is a look at the current state and federal incentives for energy-related home improvements.
New Jersey residents who improve their homes' energy efficiency can receive generous rebates from New Jersey's Clean Energy Program. The program pays direct rebates that vary in size depending on the efficiency gain in the home.
To qualify for these incentives, the homeowner must schedule a home energy audit. Foley Mechanical customers need only call our office or contact us online to schedule an audit, because Foley is a Participating Contractor in the New Jersey Clean Energy Program.
This table explains the different rebate options under the New Jersey Clean Energy Program.
|5% TES or greater: Install air sealing and insulation, with the option of installing water heater, duct sealing and/or duct insulation measures, with estimated total energy savings (TES) of at least 5% and less than 20%.||
|20% TES or greater: Install air sealing and at least one additional eligible measure, including insulation, HVAC or water heater, with estimated TES of at least 20% and less than 25%.||
|25% TES or greater Install air sealing and at least one additional eligible measure, including insulation, HVAC or water heater, with estimated TES of at least 25%.||
*Example: If your project achieves 10% TES and your total cost for eligible measures is $4,500, you would receive a $2,000 rebate; or, if your total cost is $3,800, you would receive a 50% rebate of $1,900.
In addition to renewed federal tax credits on energy-efficient central air conditioners, air-source heat pumps, water heaters and heat pump water heaters, tax credits are still available on qualifying ENERGY STAR®-rated Geothermal Heat Pumps.
Geothermal heat pumps are similar to ordinary heat pumps, but draw energy from the ground instead of the outside air to provide heating, air conditioning and, in most cases, hot water. Because they use the earth's natural heat, they are some of the most efficient and comfortable heating and cooling systems available.
Tax Credit Amount: 30% of the equipment cost up to $500 per .5kW of power capacity
Expiration Date: December 31, 2016
To Qualify: Geothermal heat pump must meet federal ENERGY STAR criteria
To collect, please print, fill out and file this form. For additional information, visit https://www.energystar.gov/about/federal_tax_credits and contact us.