Home Energy Spotlight: Save more in 2024 by combining tax credits and Energy Trust incentives

By SCOTT LEONARD

For families looking to save money, there’s never been more support available to reduce home energy use. This year, Energy Trust of Oregon, a nonprofit that helps people, businesses, and organizations use less energy, is offering cash incentives that, combined with new federal tax credits, make it easier to make energy-saving changes at home.

Energy Trust offers cash incentives to customers of PGE, Pacific Power, NW Natural, Cascade Natural Gas, and Avista to help lower the cost of projects and appliances like water heaters, heat pumps, or smart thermostats.

Higher incentives are available for people and families with lower incomes, with some having doubled in the last year. Along with income level, incentive amounts may depend on your energy provider and the type of equipment you’re replacing. Here are some good places to start when looking at discounts:

Weatherization

Weatherizing your home involves making improvements to keep air from entering or leaving your home through gaps or openings. That includes sealing leaky air ducts, replacing caulk or weatherstripping around doors and windows, or adding insulation.
Incentives are available for insulation, which can significantly lower your energy bills.
Smart thermostats can help you save on heating and cooling costs by making automatic adjustments to boost comfort and savings. Some models can even use local weather information to make energy-saving temperature changes throughout the day.
Incentives of up to $100 off a smart thermostat are available.

Heating and Cooling

Heat pumps can heat and cool your home evenly and efficiently at a fraction of the cost of electric furnaces, baseboards or wall heaters, and are much quieter. They also have built-in air filters that can reduce dust, allergens, and pollen.
Statewide and regional incentives of up to $4,000 off heat pumps are available.
High-efficiency natural gas furnaces can use up to 15% less energy than standard models.
Incentives of up to $1,600 off efficient gas furnaces for income-qualified recipients are available.

Water heaters

Water heating accounts for 20% of the average home’s energy use. Efficient solutions like high-efficiency gas tank, heat pump, and gas tankless water heaters can help you spend less.
Incentives of up to $700 off a heat pump water heater are available.

Solar + storage

Solar is another option for homeowners looking to save on energy costs in the long run. Depending on where you live, standard incentives offer up to $7,200 off solar plus battery storage, which, along with lowering annual energy costs, can keep the lights on during outages. Income-qualified households can receive more than $20,000 in incentives for solar + storage, depending on whether they are a customer of PGE or Pacific Power.

You can claim new federal tax credits for many of the same energy upgrades, lowering costs even further. You’ll claim credits for home energy upgrades made this year when you file your 2024 tax return in 2025. Those credits, combined with incentives, can make many upgrades much more affordable. You can receive those incentives in the following ways:

Through retailers. When buying the equipment or product at the retailer in Oregon, you’re immediately seeing the savings in the sale price.
Through trusted contractors who are part of Energy Trust’s Trade Ally Network. They deduct the incentive amount from your final payment.
By applying for cash back. After you complete an energy upgrade, you can fill out and submit an application online to get a check in the mail.

If you’re looking for help to decide which upgrades may be most helpful for your home, Energy Trust provides free online home assessments. You can also connect with a home energy advisor who can answer questions about specific upgrades or how to prioritize what to upgrade first. Set up an appointment with Energy Trust by calling 1-866-311-1822.

About Energy Trust of Oregon

Energy Trust of Oregon is an independent nonprofit serving people in Oregon and Southwest Washington. It’s our responsibility to provide clean, affordable energy resources that help communities achieve their goals so they can thrive and be ready for the future. Learn more at www.energytrust.org/residential/incentives.