Tesla Powerwall can power your home at night after the sun goes down

Are there incentives to help pay for home energy storage?

YES! Understanding Incentives for Home Energy Storage Systems

As more homeowners in Southern Oregon look to enhance their energy independence, home energy storage systems like Tesla Powerwall are becoming increasingly popular. These systems not only provide backup power during outages but also help in managing energy costs more effectively. Thankfully, several incentives are available to help offset the initial costs of acquiring these systems. In this post, we’ll explore the incentives offered by the Energy Trust of Oregon (ETO), the Oregon Department of Energy (ODOE), and the federal government.

Energy Trust of Oregon (ETO) Incentives

The ETO has recently increased its incentives for home energy storage systems, making now an excellent time to consider such an investment. Homeowners in Oregon can now receive up to $6,000 towards the purchase of a home storage solution like the Tesla Powerwall. This incentive is particularly beneficial as it directly reduces the upfront cost, making these systems more accessible.

If ETO considers your household Low to Moderate Income, you are eligible for up to $10,000 off of the cost of an energy storage solution like Powerwall.

Oregon Department of Energy (ODOE) Incentives

Alongside the ETO, the Oregon Department of Energy provides additional financial support for energy storage systems. These incentives can vary, so it’s important for homeowners to check the current offerings directly on the ODOE website or consult with a professional installer like True South Solar to understand the latest opportunities.

Federal Investment Tax Credit (ITC)

Home energy storage is also eligible for the federal Investment Tax Credit (ITC), which can significantly reduce the cost of installing these systems. The ITC allows homeowners to deduct 30% of the cost of installing a qualified energy storage system from their federal taxes. It’s crucial to note that unlike whole home backup generators, energy storage systems charged by solar panels qualify for this tax credit, enhancing the overall savings.

Why Consider Home Energy Storage?

Home energy storage systems offer several benefits:

A Southern Oregon homeowner with his new Tesla Powerwall 3
  • Reliability: They provide a dependable source of power during outages, a common concern in many parts of Southern Oregon.
  • Cost-Effective: By storing solar energy generated during peak hours, homeowners can use it during peak demand times when electricity rates are higher. We do not have Time of Use power rates currently, but that could be implemented at any time.
  • Increased Energy Independence: These systems reduce reliance on the grid, providing peace of mind concerning future energy availability and costs.
  • Peace of mind: Protect your family from unwanted interruptions to your life.
  • Plentiful fuel: generators are a good option for providing backup power for your home. But how much fuel can you store onsite? What happens when the fuel goes bad after a few years?

The Bottom Line

With the enhanced incentives from the ETO and the continued support from ODOE and the federal ITC, plus the introduction of Tesla’s Powerwall 3, now is an opportune time to consider adding a home energy storage system to your residence. These incentives not only make it more affordable but also increase the return on investment over time. For more information or to get started with your home energy storage project, contact True South Solar today. We also have more information on incentives here.