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August 5, 2015
The New Jersey Board of Public Utilities approved significant changes to the New Jersey Home Performance with Energy Star Program at its June Board Agenda Meeting. The changes, which went into effect August 1, modify the rebates and loans available through the program.
The NJ HPwES Program provides financial assistance to all homeowners seeking to upgrade the energy efficiency and comfort of their homes. Eligible measures under the HPwES program include oil-to-gas conversions, new high-efficiency heating and cooling systems, insulation, air sealing, and more. The NJ program is considered the most generous in the entire nation. Many customers can get a complete energy makeover and cut energy bills by 25% with no or little money down.
Rebates for the top tier of projects which include a projected energy savings of over 25% have been reduced to $4,000 from $5,000. Rebates for the second tier of projects, who have projected energy savings of 20-25%, have also been reduced from $4,0000 to $3,000.
Terms for loans available through the program have also been modified slightly. Previously, jobs with projected energy savings of over 20% were eligible for a 0% interest loan up to $10,000, with a maximum term of 10 years. The maximum term of the loan has been reduced to 7 years, but homeowners can still take advantage of the 0% financing. New also is the option for a 10 year loan of up to $15,000 at 4.99% interest.
At Building Sciences LLC, we've completed over 700 HPwES jobs in the last three years, and are proud to be the leading HPwES contractor in North Jersey. Check out some of our previous work, learn more about us, and give us a call at (973) 786-3700. We strive to be the best at everything we do, and we want to earn your business.