Stacking Your Cost Savings

This simple 3-step guide shows how you can “stack” savings opportunities to make your heat pump purchase as affordable as possible.

Step 1: Unlock Your Rebate

Working with a NYS Clean Heat participating contractor is the only way to get your Clean Heat rebate, the foundation for your project savings.

Your NYS Clean Heat participating contractor will evaluate your home, then design and install the best possible heat pump system for you. Not only that, your Clean Heat contractor will also submit your rebate for you.

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Step 2: Explore Low-Interest Financing Options

New York State offers low-interest financing for clean energy projects like heat pump installations. In some cases, the money you save by switching to a highly efficient heat pump can even offset your monthly loan payments.

  • Start by exploring our residential clean energy loan options. With low-interest rates, financing your new heat pump and paying over time may be a great option for you.
  • Your NYS Clean Heat participating contractor can help you select the loan option that works best for your project before you apply for a loan. Completing a loan application does not lock you into any contracts—either for a loan itself or with a participating contractor.
  • Your utility, bank, credit union, or heat pump contractor may also offer dedicated loan products for energy efficiency improvements. Check to see what other financing options may be available to you and go with the most affordable option.

Explore NYS Financing

Step 3: Claim Your Tax Credits

This one is a game changer. You can reduce the amount of federal taxes you owe or increase your tax refund through the Inflation Reduction Act. If you install a geothermal heat pump, you can also get an additional tax credit from New York State.

  • Save your project documents including proof of payment and the total project cost to make sure you get your tax credit.
  • Working with a tax professional can help you maximize your clean energy tax benefits.
  • If you prepare and file your own taxes online, be sure to look for clean energy tax credits.

Explore Tax Credits


Visit the Heat Pump Planner to see which cold-climate heat pumps are right for your home.