Con Edison is one of the largest energy companies in the US by revenue, providing gas and electricity for most homes and businesses in NYC. Depending on where you live, they may also offer steam as a utility service. Con Edison has more than $63 billion in assets and 14,000 employees by the end of 2021, and revenue of over $13.6 billion.
Con Edison manages a large energy incentive program for homes and businesses. The program offers rebates and other types of financial assistance for building upgrades that save gas or electricity. The incentives available vary depending on the type of customer, and here we will review the benefits available for the residential sector.
An energy audit is recommended before applying for any incentive program, since the service can help you identify the most effective upgrades for your building. Energy consultants can also help you review the requirements of incentive programs and qualify for them. They can also help you claim incentives from state and federal programs, which leads to an even lower project cost.
The following table summarizes the main incentives available for homeowners and renters in the Con Edison service territory. Many of these incentives focus on improving HVAC efficiency, since heating and cooling are among the largest energy expenses in homes.
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Con Edison Incentive |
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Geothermal heat pumps can get an incentive of $5,000 per every 10,000 BTU/h of capacity, up to 300,000 BTU/h. You can also claim $150 for installing a desuperheater on your existing water heater, or $1,000 for installing a new geothermal heat pump water heater. Homes in the Westchester gas moratorium area can qualify for an additional incentive of up to 30%. |
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Con Edison offers $50 when you purchase an eligible smart thermostat from Nest, Honeywell Home or Emerson Sensi. You can get an additional $85 for enrolling the thermostat in the Smart Usage Rewards program, where Con Edison uses the thermostat to reduce your consumption at times of peak demand. You can get an additional $20 if your thermostat is also used to control a gas-fired heating system during winter. |
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Discounts are available when purchasing LED light bulbs with the ENERGY STAR label from retailers approved by Con Edison. |
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Con Edison offers a rebate of up to $1,000/home for insulation and air sealing with their approved contractors. |
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Con Edison offers rebates of up to $550 when upgrading to an energy efficient water heater, pool heater, boiler or furnace. |
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Queens residents can get incentives for home battery systems connected to Con Edison’s virtual power plant (VPP). |
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Get an incentive of $75 when getting a gas furnace or boiler tune-up from an approved contractor. |
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Heat pump owners can get a free energy monitoring system, which helps optimize consumption and electricity bills. |
Electricity and natural gas prices have been greatly affected by inflation, but this also means the potential savings of energy upgrades are now higher. By qualifying for multiple incentives from Con Edison, you can reduce the net cost of these upgrades and get a higher ROI.
Income eligible households can qualify for additional incentives . They can sign up for community solar projects installed by the NYC Housing Authority, and save $120/year on power bills. Con Edison also offers free energy upgrades, including: technical assessments, high-efficiency lighting, attic and wall insulation, refrigerator and freezer upgrades, and water-saving showerheads.
Multifamily buildings represent around 40% of floor space in NYC, and many opportunities to improve energy efficiency can be found in these properties. Con Edison is aware of this, and several incentives have been created specifically for the multifamily market segment:
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Con Edison Incentive |
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Con Edison provides incentives for various types of energy upgrades. They have published a detailed guide that covers all eligible measures and the incentive rate in each case. |
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Multifamily buildings classified as affordable housing with at least five dwellings can get an incentive of $2,000 per unit. |
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Geothermal heat pumps can get an incentive of $2,850 per every 10,000 BTU/h of capacity. You can also claim $150 for installing a desuperheater on your existing water heater, or $1,000 for installing a geothermal heat pump water heater. |
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Multifamily buildings in Brooklyn and Queens may qualify for exclusive incentives. These include free 9W LED bulbs, and rebates of up to $2,000/kW for efficient air conditioning systems and elevator motors. |
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Some energy upgrades in multifamily buildings qualify for low-interest financing, or even 0% interest. |
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New multifamily buildings can qualify for energy rebates if they exceed the New York State Energy Conservation Construction Code. These cover areas like lighting, HVAC and water heating. |
Contractors who work in multifamily buildings can apply to become participating contractors in the Con Edison program. This gives them access to client incentives, energy efficiency training, technical resources and marketing materials.