FREE stuff through state incentives

[Jonathan Bombaci]

In MA there are great rebates through mass save on any 1-4 unit residents properties. You can get:

-$10,000 per unit for mini-splits

- $5,000 per unit for knob and tube removal

- 75-100% off insulation

- FREE light bulbs and light fixture

- FREE thermostats

- FREE Shower Heads

We just got $20,000 for knob and tube removal at a 4 unit and $30,000 to replace this shared boiler at a 3 family we own. The $30,000 will just about cover the entire mini-split installation and at the end of it the well have fully separated heating that the residents can now pay for. So for less than $5k out of pocket we just eliminated a $3,500 per year oil bill and added that directly into our yearly cashflow. That's a pretty good ROI.

We consider ourselves pretty sophisticated (own over 500 units) but this is evidence that “you don’t know what you don’t know”. In this industry you have to always be learning.

We have equipped our 3 GCs on payroll to understand this program and can now help others get access to the information and provide free estimates for work like this in all over MA.

Selfishly started looking for flips or BRRRR projects where we can use these incentive to our advantage and found out there are many investors already doing that. If you can find a 4 family in MA with centralized heat (oil or gas) and knob and tube wiring you could get $60,000 from mass save for your project plus a bunch of free stuff.

I know CT, NH, and NY have similar programs I’m just not sure of the specifics. I’m sure other states have it to since they’re trying to incentivize people to convert away from fossil fuels. If you know the details for something other states offer please share it here.

[JD Martin]

Quote from @Jonathan Bombaci:

In MA there are great rebates through mass save on any 1-4 unit residents properties. You can get:

-$10,000 per unit for mini-splits

- $5,000 per unit for knob and tube removal

- 75-100% off insulation

- FREE light bulbs and light fixture

- FREE thermostats

- FREE Shower Heads

We just got $20,000 for knob and tube removal at a 4 unit and $30,000 to replace this shared boiler at a 3 family we own. The $30,000 will just about cover the entire mini-split installation and at the end of it the well have fully separated heating that the residents can now pay for. So for less than $5k out of pocket we just eliminated a $3,500 per year oil bill and added that directly into our yearly cashflow. That's a pretty good ROI.

We consider ourselves pretty sophisticated (own over 500 units) but this is evidence that “you don’t know what you don’t know”. In this industry you have to always be learning.

We have equipped our 3 GCs on payroll to understand this program and can now help others get access to the information and provide free estimates for work like this in all over MA.

Selfishly started looking for flips or BRRRR projects where we can use these incentive to our advantage and found out there are many investors already doing that. If you can find a 4 family in MA with centralized heat (oil or gas) and knob and tube wiring you could get $60,000 from mass save for your project plus a bunch of free stuff.

I know CT, NH, and NY have similar programs I’m just not sure of the specifics. I’m sure other states have it to since they’re trying to incentivize people to convert away from fossil fuels. If you know the details for something other states offer please share it here.

 They have some similar programs in Pennsylvania; my son in law works for a company that does the upgrades.