Transform Your NYC Property with Smart PTAC Replacement Financing: Unlock 2024’s Best Green Energy Incentives
New York City property owners are discovering unprecedented opportunities to upgrade their PTAC (Packaged Terminal Air Conditioner) systems while taking advantage of substantial financial incentives. With the Inflation Reduction Act providing tax credits and rebates for residents and businesses to make energy efficiency upgrades through 2032, there’s never been a better time to modernize your heating and cooling systems.
Federal Tax Credits Making PTAC Upgrades More Affordable
The federal government has significantly enhanced incentives for energy-efficient HVAC improvements. New York homeowners can use IRA tax credits to reduce the cost of home energy efficiency improvements, with the Enhanced Energy Efficient Home Improvement Credit allowing homeowners to claim 30% of the costs on eligible improvements instead of 10%. For PTAC replacement projects, there’s a $2,000 maximum heat pump tax credit available in 2024 for mini split and ducted system heat pump installations.
Property owners can also benefit from heat pumps that meet or exceed the CEE highest efficiency tier qualifying for a credit up to $2,000 per year, with costs including labor for installation. These federal incentives can be combined with state and local programs for maximum savings.
New York State Green Energy Financing Programs
NYSERDA offers multiple financing solutions specifically designed for energy upgrades. NYSERDA offers a suite of loans to help New York State residents finance energy efficiency improvements and clean energy equipment for existing buildings, with homeowners required to complete a no-cost energy assessment. Homeowners could be eligible for up to $25,000 in loans for energy efficiency improvements or clean energy equipment at one- to four-family existing residential properties.
For those seeking convenient payment options, the On-Bill Recovery (OBR) Loan allows loan payments to be paid as part of your utility bill, with estimated average monthly energy cost savings required to be greater than monthly loan payments. Additionally, the Smart Energy Loan is a traditional loan that you repay monthly via check or automatic payment, covering purchase and installation of solar photovoltaic systems, ground source heat pumps, air source heat pumps, and energy efficiency improvements.
Commercial and Multifamily Building Financing Options
For larger properties, specialized financing programs are available. Building owners can finance renewable energy projects to purchase and install solar, air source heat pumps, or ground source heat pumps, with multifamily building owners able to access financing for energy efficient projects installed through the Small Commercial Financing Program. The NY Green Bank is a +$1.0 billion investment fund designed to accelerate clean energy deployment in NYS, with the Clean Energy Financing Arrangement offering financing up to $5 million to owners of multifamily buildings for a variety of decarbonization projects.
NYC also offers specialized support through NYC Accelerator, which helps building owners identify financing options, with their capital provider network providing financing for commercial, multifamily market rate and affordable housing, as well as for non-profit and for-profit owners.
Proven Benefits of PTAC System Upgrades
Recent studies demonstrate the significant advantages of upgrading from traditional PTAC units to modern heat pump systems. Post-installation results indicate a potential utility cost savings of 26% compared to the PTAC baseline units and a CO2 equivalent emissions reduction of 65%. These improvements not only reduce operating costs but also help property owners comply with increasingly strict environmental regulations.
Why Choose Brothers Supply for Your PTAC Replacement Project
When considering a NYC PTAC Replacement, partnering with an experienced contractor is essential. Brothers Supply has been a locally owned and operated business for over 50 years, with extensive experience and commitment to customer satisfaction. They specialize in servicing and supplying Packaged Terminal Air Conditioner (PTAC) units, a crucial component for many businesses.
The company’s comprehensive approach includes one-on-one consultation and custom evaluations to help customers find the system that will provide optimal service at an affordable price, with commitment to delivering the right HVAC parts on time and offering the widest selection and best prices on HVAC and PTAC units and parts. Their extensive knowledge and experience gives them the ability to handle the unique needs of hospitals, hotels, rehabilitation and nursing facilities, real estate organizations, schools and universities, with solutions for projects both large and small.
Additional Incentives to Maximize Your Savings
New York property owners can stack multiple incentives for maximum benefit. IRA incentives can often be combined with New York State tax credits or rebates to maximize savings. For geothermal systems specifically, NYS Clean Heat provides rebates for ground source heat pumps, which are eligible for a 30% IRA tax credit and 25% New York State income tax credit.
NYC property owners may also benefit from the New York City Property Tax Abatement (PTA), where building owners who place a grid-connected solar energy system into service from January 1, 2024 to January 1, 2035 are eligible for a four-year Tax Abatement of 7.5% per year of the installed cost of the system, for a total of 30%.
Taking Action in 2024
With IRA tax credits available to New Yorkers since 2023 and income-eligible New Yorkers able to access IRA rebates for upfront discounts on home energy upgrades as of June 2024, the timing is optimal for PTAC replacement projects. These programs are designed to make energy-efficient upgrades more accessible while reducing the financial burden on property owners.
The combination of federal tax credits, state financing programs, and local incentives creates an unprecedented opportunity for NYC property owners to upgrade their PTAC systems. By working with experienced contractors like Brothers Supply and taking advantage of available financing options, property owners can improve their buildings’ efficiency, reduce operating costs, and contribute to a cleaner environment while maximizing their return on investment.