Vermont homeowners are fortunate to have many resources that can help pay for home energy efficiency improvements and upgrades. Eligibility and rebate amounts vary widely by utility, income and the type of improvement you choose. The Energy Co-op can help you navigate these options and refer you to the resources that are particular to your situation.
TYPES OF REBATES:
Reimbursement can come in many different forms. Here are some commonly used terms:
- Direct rebates- Rebates that require you to make the investment first and then provide proof of purchase to get money back
- Upstream rebates – These are price reductions at the wholesale level that are passed through from your contractor to you and are deducted before you are billed for the work.
- Bill Credits – Some electric utilities offer a "credit" to your electric bill rather than a direct cash rebate. It is important to understand the difference.
- Tax Credits – Tax credits are deductions to your taxable income. These are claimed when you do your annual income tax filing.
- Special Promotions - Your utility or contractor may offer additional incentives to act before a certain date or purchase a certain product.
- Income eligible Incentives – Many of the Vermont utilities have an income sensitivity component to their rebates. If your household income meets a certain threshold then you may be eligible for additional rebates or credits.
- No or Low interest financing – There are many organizations and credit unions that offer "Energy Efficiency" loans to pay for your energy upgrades over time. Many of these loans are offered with very low interest rates and depending on income, may be interest free. In many cases the cost of the energy you save each month will pay for your monthly payment.
Here is a chart that compares current maximum heat pump rebates by various utilities. There are many variables so it's best to check with your utility first to confirm how much you are eligible to receive. All Vermonters are eligible for Efficiency Vermont rebates plus whatever incentive your utility adds.
Click links to your utility's website for details, deadlines and more information.
- Efficiency Vermont Rebates - All Vermont homeowners are eligible for generous rebates through Efficiency Vermont. The individual offers from your utility may be added to these for even greater savings.
- Vermont Electric Co-op Customers - Most of the rebates from VEC are awarded through bill credits on your monthly electric bill.
- Green Mountain Power Customers - GMP has a generous cash rebate plus an upstream allowance.
- Burlington Electric Department Customers - BED will rebate up $3,500 for a heat pump.
- Swanton Electric - VPPSA Customers
- VGS ( Vermont Gas ) Customers
HOW WE CAN HELP:
What do all of these programs have in common? They all have deadlines, require paperwork and are important to understand the fine print BEFORE the work begins.
Chances are that your efficiency upgrade work will qualify for more than one rebate or incentive. That's where the Energy Co-op comes in. Our members can consult with our efficiency and installation experts to navigate through the maze of product and rebate options available for their individual circumstances.
Whether it's a heat pump, a new hot water heater, upgrading to a more efficient heating system, replacing your oil tank or adding insulation to your attic and basement, you can count on the Co-op. We'll provide a free estimate, a fair price and explore all available options so you can "use less and save more".One of the benefits of Co-op membership is that we can help you find and apply for a rebate program or incentive that may perfectly fit your needs.
Don't hesitate to contact us for more information.