Energy Trust is offering larger cash incentives in 2024 to make energy-saving changes at home more affordable. These incentives can be combined with new federal tax credits, meaning you can save even more when making energy upgrades.
Energy Trust offers incentives to help lower the cost of projects or appliances that make your home more energy efficient. For example, you can take advantage of incentives for an efficient water heater, a heat pump that heats and cools your home, and a smart thermostat that can be programmed to save energy by automatically adjusting the temperature at night and when you’re away.
Here is a look at Energy Trust’s recently updated incentives, some of which have doubled or more in the last year. These include Savings Within Reach offers than provide higher incentives for people and families with lower incomes.
| Energy Upgrade | Offer Type | 2024 Incentive | 2023 Incentive |
|---|---|---|---|
| Ductless heat pump replacing electric resistance heat | Standard offer | Up to $1,000 | $500 |
| Savings Within Reach | $1,800 | $1,000 | |
| Heat pump replacing electric furnace | Standard offer | $1,000 | $700 |
| Savings Within Reach | $3,000 | $1,000 | |
| Smart thermostat | All | $250 | $100 |
| Gas furnace | Savings Within Reach | $1,600 | $1,000 |
| Gas tankless water heater (Oregon) | .82 or higher (UEF) | $400 | $200 |
Energy Trust also offers incentives for installing solar panels, energy-efficient windows and insulation. See all residential incentives.
You can receive Energy Trust 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.
In addition to Energy Trust incentives, 2024 is the second year federal tax credits created by the Inflation Reduction Act are available for many of the same energy upgrades. That means you can use both Energy Trust incentives and tax credits to lower your out-of-pocket costs for items such as:
Tax credits reduce the amount of taxes you owe. If you make upgrades and purchases for home energy upgrades in 2024, you can claim those credits when filing your 2024 tax return in 2025.
If you’re looking for help in identifying which upgrades may be most helpful for your home, Energy Trust provides a free online home assessment.
You can also connect with an Energy Trust home energy advisor who can answer questions about specific upgrades or talk through how to prioritize which upgrade to make first. Set up an appointment by calling 1.866.311.1822.