The new program which is expected to begin July 21, 2010, will expire on December 31, 2010 or when the funds are fully depleted. The new program, which is a part of the Home Performance with Energy Star Program, combines financing and cash rebate to reduce residential energy usage and lower utility bills.
Homeowners may secure a maximum rebate of 50% of eligible measures to further energy efficiency at homes. Eligible measures include air sealing, insulation, efficient hot water heaters, and heating and cooling systems.
The home owners who reach over a 25% estimated energy savings level may receive a maximum of $3,000, while the homeowners who can show energy savings ranging from 5% to 25% may qualify for a 10% rebate and receive up to $1300 in cash back incentives.
Customers with estimated energy savings above 25% are eligible for 0% interest loan for up to 50% of eligible measures. The customers can secure a maximum of $10,000 loan. The customers with estimated energy savings of 5%-25% can opt for 5.99% financing. Also up to $10,000.
BrightHome, a company that conducts energy audits and implements energy-saving systems and an accredited Home Performance contractor with Home Performance with Energy Star, is assisting New Jersey homeowners to make use of these incentives.
