Everything you need to know about heat pump rebates from Con Ed

At a glance: 

• Con Ed offers rebates to help offset the costs of your heat pump purchase and installation. 
• Con Ed’s rebate comes in the form of a deduction from your contractor’s final invoice. 
• You may be eligible for additional rebates and tax incentives through the IRA - Inflation Reduction Act.

As a homeowner, you’re always faced with decisions to make around updates to your home. And those updates usually come with a price tag. Upgrading your home’s current heating and cooling system to a heat pump is no exception, even though it can offer long term savings over time. If you feel like navigating the rebate programs for Con Ed can be a maze, you’re not alone. In this article, you’ll find all the important details you need to get the process started. 

Everything you need to know about Con Edison HVAC and Heat Pump Rebates

Who is eligible for Con Edison Rebates: All Con Edison customers

What kinds of heat pumps are eligible for rebates?:

Air-Source Heat Pumps and Ground-Source Heat Pumps

Air-source heat pump rebates: 

Rebates are broken into two categories, folks who disable or remove their heating systems and folks who keep them and install integrated controls.

‍If you disable or remove your system: you can get $8,000 subtracted from your final invoice or $10,000 if you meet the income requirements. 

‍If you keep your current system: you can get $2,500 subtracted from your final invoice or $4,500 if you meet the low to moderate income requirements. 

Ground-Source or Geothermal Heat Pump rebates: 

You can subtract $35,000 from your final invoice or $45,000 if you meet the income requirements. 

Timing requirements: For Air-Source Heat Pumps, your installation must be complete by 12/31/2024. Your Ground-source heat pump must be purchased by 12/31/2024 and installed by 12/31/2024. 

Equipment requirements: Heat pumps used for space heating must be designed for both heating and cooling. Cooling-only systems are not eligible. For the full list of eligible equipment, please check out page 14 of this resource from NY SERDA. 

Ground-Source Heat Pumps for space and water heating applications and Heat Pump Water Heaters for domestic and service water heating applications are also eligible.

Can you keep your current heater?: Yes, but you can get a larger rebate by removing your current system altogether. 

Income restrictions: There are no income restrictions, however, you can unlock larger rebates if you meet certain income requirements. To find out if you qualify, check out this link from NY SERDA. 

How to apply for your rebate: Tetra is a Con Ed approved contractor, so you don't need to do anything to apply for the rebate program! Our team handles the work for you. Just answer a few straightforward questions about your home and get a personalized, guaranteed quote. We’ll recommend a selection of system options, comparing brands and prices as well as maximizing your rebates. Then you pick an install date and pay your deposit. Your rebate amount will be subtracted from your final invoice, so you don’t have to wait for a check in the mail. 

Reach out to one of our team members today to get the process started. 

Additional rebates for your heat pump

As part of the Inflation Reduction Act, you can now get significant rebates and tax incentives for purchasing and installing a heat pump. If your household is below 80% of your area’s median income, you can get 100% of your new heat pump covered up to $8,000. If your income is between 81-150% median income, you’ll get up to 50% of your heat pump expenses covered. If your income is above 150% median income, you can still get a 30% tax credit of up to $2,000. 

EmPower+ is another great program that helps low-income households upgrade their energy systems for no more than $10,000 per project. 

The idea here is that the state wants to help you save on your energy-efficient upgrades as much as possible. What’s even better is that these rebates can be claimed in addition to the ones from your energy provider. Talk about a win-win. 

In conclusion

There are a lot of details to keep in mind when picking your heat pump, especially all the different rebates and incentives to help maximize your savings. Luckily, the experts at Tetra can help from start to finish. Get the process started today and book a consultation with a team member today.