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Free Home Heating system (up to $15,000) for qualified NJ Residents in: Subjects › General Economics

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   posted: Nov. 8, 2009 @ 9:05a

hUTCH (524.83kB)

(I wasn't sure whether to post this in Hot Deals or Finance, and I wonder if I'm missing a catch somewhere, but here goes...)

The State of NJ is offering incentives to NJ Homeowners with inefficient heating systems. The details of the plan can be found here:
NJ Clean Energy.

The benefits include a free home audit, incentives, and an interest free $10,000 loan. In order to qualify, you must select from a select list of qualified contractors posted on the website. If your home is inefficiently heated/insulated, you qualify for the rest of the deal, as long as you qualify before 12/31/09 and have the work done within 3 months after that.

Attached to this post is an analysis from one of the qualified contractors (who I have heard of, and I believe they are a well respected contractor), showing that based on the savings, your net cash flow is positive as a result of this program.

Am I missing something?

I realize that the actual cost of repairs may exceed the allowance allowed by the state. And since you are restricted to certain contractors, are the prices extra high? (If you have one company do your audit, are you locked into them for the repairs??)

Anyway, I'd appreciate feedback if anyone has done this.

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Message edited by: Treefarn on 2009-11-08 09:40:59 CST
   posted: Nov. 8, 2009 @ 9:05a

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   posted: Nov. 8, 2009 @ 12:24p

A loan you have to pay back doesn't seem very free to me...


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   posted: Nov. 8, 2009 @ 12:44p

Rayout said:A loan you have to pay back doesn't seem very free to me...It appears that way from OP. But the link show the deal is much better:

"50% cash rebate, up to $10,000* and a 0% interest loan if estimated heating savings are 25% or greater"

It is not as good as a "free" heating system. But 50% off plus a 0% loan for a system that cuts your utility by 25% isn't too bad.

Message edited by: nycll on 2009-11-08 12:45:58 CST
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   posted: Nov. 8, 2009 @ 1:11p

Rayout said:A loan you have to pay back doesn't seem very free to me...

As I said in the original post, the net cash flow, as based on the attachment, is positive. (Pay $42 for the loan, save $65 in energy savings.) Perhaps free is the wrong word. But rather than carping on the semantics, how about an analysis of the deal?

Message edited by: Treefarn on 2009-11-08 13:12:39 CST
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