Rebates & Tax Credits

Want to save money while keeping your home or business warm? Make sure to take advantage of the various rebates and tax credits available from your state or the federal government for upgrading your existing heating system to a new high-efficiency, Bioheat® fuel model. Installing a high-efficiency heating system means better energy consumption and will save you money on energy bills for years to come! Remember, you don’t have to have a new heating system to use Bioheat® fuel, but these rebates and tax credits will help you make the change to a high-efficiency heating system and save even more money over time.

The Impact of New Heating Equipment

Bioheat® fuel is compatible with all existing and new high-efficiency heating equipment and upgrading to a new high-efficiency heating system will help you save on energy costs in major ways.

Increased Annual Savings

The National Oilheat Research Alliance (NORA) created a report on homeowner savings when upgrading to high-efficiency heating systems. It shows homeowners could save up to 20% on energy costs per year with high-efficiency heating equipment. This was based on an average annual fuel use of 850 gallons per year, which the report says led to an annual fuel use reduction of a staggering 170 gallons per year. That equals hundreds of dollars in savings every year.

Federal Tax Credits

Starting in January 2023, homeowners through the Inflation Reduction Act (IRA) became eligible to receive a $600 tax credit when installing a new furnace or boiler. The following criteria need to be met in order to receive the tax credit through the IRA:

Equipment has to be placed into service after December 31, 2022.
Equipment must meet Energy Star® 2021 standards.
Equipment must have a manufacturer rating for use with renewable fuel blends, like Bioheat® fuel, of at least 20% or more.

You can claim this credit simply by using IRS Form 5695 Residential Energy Credits.

State-Specific Rebates & Tax Credits

Looking for state-specific rebates and tax credits you could be eligible for by upgrading your boiler, furnace, and/or oil storage tank? Take a look at the tax rebates and credit information by state below:

New York

There are different rebate amounts available depending on which area of the state you live in. If you’re a homeowner in the Hudson Valley or Upstate New York area, you could be eligible for up to $2,000 in rebates for home heating efficiency upgrades, including the IRA tax credit. If you live in New York City or the Long Island area, you could be eligible for up to $1,100 in rebates for home heating system efficiency upgrades, including the IRA tax credit.

Visit the websites below for details on available rebates in your area:

Please check the official rebate websites to confirm current rebate amounts, timelines, and terms and conditions.

Massachusetts

If you’re a homeowner in Massachusetts, you’re eligible to receive up to $900 in rebates for upgrading to a high-efficiency heating system, plus the IRA tax credit. Discover Efficiency Massachusetts offers up to $500 in rebates for installing high-efficiency equipment in homes in Massachusetts. Mass Save offers a $400 rebate for a new hot air furnace, with enhanced amounts available to qualifying homeowners.

Visit the websites below for details on available rebates in your area:

Please check the official rebate websites to confirm current rebate amounts, timelines, and terms and conditions.

Connecticut

Own a home in Connecticut? You could be eligible for up to $2,100 in rebates for energy-efficient heating system upgrades from Upgrade & Save Connecticut, including the IRA tax credit. This includes upgrades for a boiler, furnace, and/or oil storage tank.

Visit the website below for details on available rebates in your area:

Upgrade & Save Connecticut rebates

Please check the official rebate website to confirm current rebate amounts, timelines, and terms and conditions.

Pennsylvania

If you own a home in the state of Pennsylvania, you could be eligible for up to $1,600 in rebates and tax credits for home heating system upgrades, including the IRA tax credit. This includes up to $1,000 for replacing/upgrading your heating system equipment.

Visit the websites below for details on available rebates in your area:

Please check the official rebate website to confirm current rebate amounts, timelines, and terms and conditions.

Rhode Island

If you’re a homeowner in the state of Rhode Island, you could qualify for up to $2,000 in rebates for heating system efficiency upgrades, including the IRA tax credit. This includes up to $1,000 for replacing/upgrading an existing oil-fired boiler or furnace and up to $400 for a new aboveground oil storage tank.

Visit the website below for details on available rebates in your area:

Upgrade & Save Rhode Island rebate

Please check the official rebate website to confirm current rebate amounts, timelines, and terms and conditions.

Available Today

Looking for Bioheat® Fuel in Your Area?

Get started with a quick internet search, including your town name, county, and state—more and more providers are delivering Bioheat® fuel now. If you can’t find a provider near you, contact your state energy association listed below.

QUESTIONS TO ASK YOUR PROVIDER