NJ Clean Energy Program - Experiences?

Question

Not really 100% investing related, but I'm closing on a house soon which will be a primary residence. It hasn't been updated in many years. I'll be replacing appliances, A/C, etc.

I've found that I can get a lot of rebates through NJ Clean Energy program. (Link below)

Some of the things I'm looking into is rebates on thermostats, rebates on energy efficient appliances, hopefully some rebates and 0% financing on a new a/c unit and insulation.

There is also an option to have a contractor come assess your house and let you know what you're eligible for, but that's $50 and I think they're independent (energy star certified???) contractors.

My questions is, has anybody utilized any of these programs before and can share experiences? Did you get your rebates? Did anybody ever pay for their in home assessment?

https://njcleanenergy.com/main...

John M Chludzinski · Answer

2 things - yes, the rebate program works well, and I used it to upgrade my home from a 30 year old gas fired boiler and separate gas hot water heater to a Navien on demand combination boiler/hot water unit.  I think the unit itself cost around $3500-4000, and I purchased it myself and got the rebate in about 3 months.  Then had my plumber do the install.  All you have to do is get the correct specs and documentation on the sales slip to qualify.  Second, avoid contractor financing in all cases - they typically cost WAAAY too much in interest, plus the job cost goes up too as they pad the cost of the job.  I used to collect contractor's receivables balances from their contracting clients as a construction materials vendor credit manager years ago, and the financing terms were like robbing the public blind - 30% interest and 25% job markup.  It was obscene what the contractors were charging.

David Thomas · Answer

I haven’t personally done that but many contractors offer financing as part of the program as well as occasionally from utility companies themselves.

Andrew B. · Answer

Thanks for your insight. One thing I'm particularly interested in is the option to finance some of the costs. Do you have any experience with the financing side of this?

David Thomas · Answer

@Andrew B.  I have done a few of these myself and it’s fairly straight forward.  Yes, I got the rebates and overall a simple process.   For replacing main HVAC I had the contracting company complete the necessary forms and sent back to me for submission.

No need to have a home energy assessment in my opinion if you know the basics of the building envelope concept.   Each year in NJ the rebates/criteria seem to be a bit different.

Ultimately, take a look at cost/benefit since you may need to spend a bit more for energy efficient units that will save your tenants money in the end and not you.  This weekend starts Memorial Day so plenty of sales happening.  You will also spend quite a bit of time researching particular units/models eligible for the rebates and then find a local vendor or supplier for those models.

However, I am a fan of reducing waste and energy to lessen the environmental impact in a way that balances the investment, but that’s my personal approach.￼

Lastly, make sure you have every detail 100% complete and required for the rebates and have copies, just in case NJ says  they “have no record” of it and you can resubmit.

Hardik Zatakia · Answer

Hey I have used this program. Its fairly simple. As you buy your appliances, just ensure they are energy star certified. Also I remember somewhere there was a document that listed all appliances and the rebates they carry. Most around $50-$75.

You can look at that list and buy as well. I think you have to submit the application within 6 months of purchase. You will need the bill from your seller. I send the e-bill from Costco and worked fine.

I got rebates for my fridge, washer & dryer. I think it was between 150 - 200. Don't remember. It does take about 3 months for them to process and get the check mailed. But its a super simple process and I wouldn't waste money on a contractor.

Hope this helps. Stay safe.