There a few different incentives you should take a look at because you may be able to qualify for several hundred to a couple thousand dollars in rebates and tax credits.

First, take a look at the Residential Energy Efficiency Incentives Program through ConEd (Natural Gas). In order to qualify for this rebate, your new central air conditioner must have a SEER rating of 15 or higher and an EER rating of 12.5 or higher. These levels qualify you for a $400 rebate. There is also a $600 rebate available for systems with SEER 16 or higher and EER 13 or higher.

New York also offers the Home Performance with ENERGY STAR Homeowner Financing Incentive, which provides a rebate up to $3,000 for upgrades including HVAC, air sealing, insulation, appliance replacements and lighting. For information on this NYSERDA program, call 1-877-NYSMART.

Another incentive that may help you is the federal Residential Energy Efficiency Tax Credit equal to 30 percent up to $1,500 of the cost of your system and installation fees. If you installed a split system, it must have a SEER 16 rating or higher and an EER rating of 13 or higher. If it’s a package system, it must have a SEER 14 rating or higher and an EER 12 rating or better.

Anytime you're updating HVAC equipment, it's important to upgrade your home's overall energy efficiency so your new HVAC system won't have to work as hard, which will save you a lot of money in the end. Three upgrades that will make a big difference in terms of heating and cooling are air-sealing, insulation and duct sealing. Although it's best to make these upgrades before you replace your HVAC system because it may allow you to buy a smaller system, it's not too late for you to benefit from these upgrades.