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Sometimes, when the federal government says, “We are here to help you”, they actually mean it!
If you are planning any energy updates, you might consider these government rebates that were just highlighted in REALTOR magazine:
Homeowner Managing Energy Savings Program (HOMES)
HOMES provides $4.3 billion to individual states’ energy offices which are making funds available to every household—regardless of income—to improve their home energy efficiency. However, low- and moderate-income homes are eligible for higher rebates.
There are two paths for rebates through the HOMES program.
1) The modeled-performance pathway calculates rebates based on the projected ability of an improvement to increase a home’s energy efficiency compared to its historic usage.
Rebates available:
a) For low- and moderate-income homes: Retrofits that save at least 20% but less than 35% of energy costs are eligible for the lesser of $4,000 or 80% of the project cost. Retrofits that save at least 35% energy costs are eligible for the lesser of $8,000 or 80% of the project cost.
b) For high-income homes: Retrofits that save at least 20% but less than 35% of energy costs are eligible for the lesser of $2,000 or 50% of the project cost. Retrofits that save at least 35% in energy costs are eligible for the lesser of $4,000 or 50% of the project cost.
It’s worth noting that projects that result in energy savings of less than 20% are not eligible for rebates, regardless of cost.
Alternatively, the measured-performance pathway provides rebates based on a home’s actual energy performance.
Rebates available:
a) For low- and moderate-income homes: Retrofits that achieve energy system savings of at least 15% are eligible for a rebate that’s based on the number of kilowatt hours saved. Rates will be set at the state level based on the energy usage of an “average home” in that state. Or, rebates may be issued for up to 80% of the project cost.
b) For high-income homes: Retrofits that save at least 15% in energy costs are eligible for a rebate that’s based on the number of kilowatt hours saved. Rates will be set at the state level based on the energy usage of an “average home” in that state and will be lower than the rates for low- and moderate-income homes on a per kilowatt hour basis. Or, rebates may be issued for up to 50% of the project cost.
If the actual savings resulting from an improvement is less than 15%, the homeowners aren’t eligible for a rebate.