When it comes to energy efficiency, New York’s ConEdison has been at the forefront of incentivizing property owners to reduce their energy consumption. While many are familiar with their standard MFEEP and AMEEP rebate programs for lighting and HVAC systems, there’s a hidden gem within their offerings that could significantly benefit property owners through their Electric Incentives Custom Rebate. This program not only encourages the replacement and upgrade of booster pump systems but also rewards substantial reductions in energy usage. In this blog post, we’ll explore how ConEdison’s Multifamily Energy Efficiency Rebate Program can help cover a substantial portion of your project costs and how partnering with Nivo Corp. and ProPump can maximize your cost-saving benefits.
Advancements in Booster Pump Efficiency
One of the key drivers behind the Booster Pump Rebate Program is the remarkable advancements in the efficiency of booster pump systems and drivers. These improvements have led to significant reductions in the kWh (kilowatt-hour) consumption required for operation. As a result, property owners can now achieve better performance while using less energy.
Hidden Savings
The hidden rebate aspect of this program lies in the calculation of the rebate amount based on the kWh saved. For standard properties, ConEdison offers a generous $0.50 per kWh saved. However, if your property is registered as affordable housing, this rate increases to $0.65 per kWh. This means that the more energy-efficient your booster pump system is, the higher your rebate will be.
Cost Coverage
What sets the Electric Incentives Custom Program apart is its potential to cover a substantial portion of your project costs. For property owners with existing booster pump systems that are in need of repair, replacement, or are over 10 years old, this program can be a game-changer. Here’s how the cost coverage works:
1. Standard Properties: If the new booster pump system’s kWh reduction is significant, it can cover up to an impressive 70% of the project cost.
2. Affordable Housing Properties: For properties registered as affordable housing, the program takes it a step further, covering up to an astounding 85% of the project cost.
With such substantial rebates, the financial burden of booster pump system upgrades or replacements becomes significantly lighter.
Financing with Low-Interest Rates
But the benefits don’t stop there. Properties that qualify for ConEdison’s Multifamily Energy Efficiency Rebate Program also have the opportunity to secure financing through Ascentium Capital with interest rates as low as 0%. This is a tremendous advantage, as it allows property owners to fund their projects at minimal cost.
ROI in 5-10 Years
For property owners who achieve substantial kWh savings and qualify for the low-interest financing, the MFEEP can lead to a remarkable return on investment within just 5-10 years. This means that not only will you enjoy the immediate benefits of reduced energy consumption and lower operating costs, but you’ll also see a significant financial return in a relatively short period.
Partnering with Nivo Corp. and ProPump
To maximize the cost-saving benefits of ConEdison’s Booster Pump Rebate Program, partnering with Nivo Corp. in collaboration with ProPump is an excellent choice. Our companies specialize in helping property owners navigate the process, from the initial assessment of your booster pump system’s efficiency to the implementation of energy-efficient solutions that meet ConEdison’s requirements.
Nivo Corp. and ProPump have a proven track record of helping clients achieve substantial kWh savings, ensuring that you can take full advantage of the program’s generous rebates. Our expert teams will work closely with you at every step, from system assessment and upgrade design to securing low-interest financing and ensuring compliance with ConEdison’s guidelines.
Conclusion
In a time when energy efficiency is paramount, ConEdison’s MFEEP stands out as a hidden opportunity to not only improve your property’s performance but also to significantly reduce operating costs. With generous rebates based on kWh savings, the potential to cover up to 85% of project costs, and low-interest financing, this program is a win-win for property owners. By partnering with Nivo Corp. and ProPump, you can ensure that you make the most of this opportunity to transform your property while maximizing your savings. Contact us today to get started on your journey towards a more energy-efficient and cost-effective future.
