At the recent NEEP Renewable Heating and Cooling Workshop, NYSERDA’s CEO Alicia Barton discussed the importance of scaling the use of both ground and air source heat pumps to helping achieve New York State carbon emission reduction goals. Ground source heat pumps (GSHP) transfer thermal energy from below the earth’s surface to heat or cool a building without any additional fuel and zero emissions. Air source heat pumps (ASHP) are similar, transferring heat between the inside of a building and the outside air, resulting in a comfortable indoor environment. Energize NY PACE financing, combined with incentives, makes these heat pumps more affordable.
NYSERDA has made $15 million in rebates available for the installation of GSHPs. Small systems that use 10 tons or less of cooling capacity are eligible to receive $1500 per ton of cooling capacity in rebates and large systems that use more than 10 tons of cooling capacity can receive $1200 per ton. $10.95 million in incentives has been made available for the installation of ASHP systems and participating contractors will receive $500 per ASHP system installed.
Both ground and air source heat pumps are cost-effective, cleaner alternatives to traditional heating and cooling methods. They can lower energy bills and provide resiliency and reliability during disruptions to the grid. Troutbeck, a hotel and restaurant in Dutchess County, utilized Energize NY PACE financing to replace their oil-burning boiler with electric heat pumps, and now provide their guests with the highest standard of climate control while saving an estimated $12,000 in reduced energy costs. The current incentive programs make this a great time for property owners to consider improving their buildings with ground or air source heat pumps, and they can finance 100% of the cost with Energize NY PACE.