Energy Efficiency Incentives in Oregon and Washington State

Energy Efficiency Incentives in Oregon and Washington State

Energy Efficiency Incentives in Oregon and Washington State

Both Oregon and Washington State offer various incentives to promote energy efficiency in homes and vehicles. These incentives include rebates, tax credits, and programs aimed at reducing energy consumption and supporting the adoption of clean energy technologies.

Oregon

  • Home Energy Rebate Programs: Oregon has been awarded over $113 million from the U.S. Department of Energy to fund two rebate programs1:
    • Home Efficiency Rebate Program (HOMES): Provides performance-based rebates for energy efficiency retrofits in single-family and multifamily homes.1
    • Home Electrification and Appliance Rebate Program (HEAR): Offers point-of-sale rebates to low- and moderate-income households for installing eligible high-efficiency electric appliances and performing energy upgrades. Rebates can cover 50% to 100% of project costs, up to $14,000, depending on the upgrades and household income.1
  • Residential Energy Tax Credit Program: Oregon’s Residential Energy Tax Credit program ended in 2017. However, the state continues to offer other incentives for energy-efficient home improvements. For example, Energy Trust of Oregon provides details on qualifying for tax credits, home energy audits, and other state-funded rebates and incentives.2
  • Electric Vehicle (EV) Incentives: While specific state tax credits for EVs are limited, Oregon offers various incentives to promote clean transportation, including rebates for EV charging equipment and support for public charging infrastructure.3

Washington State

  • Home Energy Rebate Programs: Washington has applied for over $165 million from the Inflation Reduction Act to fund rebates for low- and moderate-income households. These rebates assist with purchasing energy-efficient appliances and funding energy-saving retrofits, such as electric wiring, panel upgrades, insulation, air sealing, and ventilation.4
  • Energy Efficient Home Improvement Credit: Under federal legislation, tax credits are available for energy-efficiency improvements to homes. These credits cover 30% of eligible improvement costs, up to $3,200 annually, for qualifying expenses like exterior doors, windows, and specific heating and cooling systems.5
  • Electric Vehicle (EV) Incentives: Washington State provides incentives for EV adoption, including rebates for purchasing new or used EVs and tax credits for installing EV charging equipment. The Washington Families Clean Energy Credits Program offers financial assistance to low- and moderate-income households to support the transition to clean energy.6

Federal Incentives

Both states also benefit from federal programs aimed at promoting energy efficiency and clean energy adoption:

  • Residential Clean Energy Credit: Provides a 30% tax credit for residential solar, wind, geothermal, and battery storage systems installed between 2022 and 2032.7
  • Electric Vehicle Tax Credits: Offers up to $7,500 for new EVs and up to $4,000 for used EVs, depending on the vehicle’s specifications and the buyer’s income.8

Note: Incentive programs and tax credits are subject to change. It’s recommended to consult official state resources or the U.S. Department of Energy for the most current information.9

About Harlow Wealth Management

Harlow Wealth Management, Inc. is an independently owned and operated advisor. We serve clients living in the greater southwest Washington and Portland metropolitan areas, with an office in downtown Vancouver, Washington. While our firm was officially created in 2005, our founding president, Danny Harlow, has been serving the retirement financial planning needs of our community since 1973. We focus on helping those who are retired or about to retire by building a customized retirement strategy. Our proprietary approach, the “Harlow Way”, addresses the following 5 key areas: designing a sustainable retirement income strategy, addressing healthcare and long-term care risk, investments and growing your portfolio, taxes, and estate/legacy strategies.

References

  1. https://www.oregon.gov/energy/Incentives/Pages/home-energy-rebates.aspx
  2. https://www.kgw.com/article/tech/science/environment/oregon-new-home-energy-tax-credits/283-f51cd9f1-7eab-49e0-be56-a721bd113787
  3. https://www.oregon.gov/odot/climate/Pages/communitychargingrebates.aspx
  4. https://www.commerce.wa.gov/home-energy-rebate-program-receives-funding-from-doe-2/
  5. https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit
  6. https://www.commerce.wa.gov/commerce-opens-ev-rebate-program-2024/
  7. https://www.irs.gov/credits-deductions/residential-clean-energy-credit
  8. https://www.irs.gov/clean-vehicle-tax-credits
  9. https://www.energy.gov/

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