Incentives & Financing
Financial Incentives
Going solar is a good thing for your community and for your wallet, and there are a variety of financial incentives in the Pacific Northwest available to assist your project:
2022 Inflation Reduction Act (IRA):
The 2022 Inflation Reduction Act provided substantial new incentives for residential solar energy systems, including a 30% nonrefundable federal tax credit on nearly all related project expenses, notably with no cap on the project's cost. In other words, if it's a residential solar energy project, however large, it's eligible. This solar tax credit is available to you for any project installed through 2032. The legislation’s tax credit also includes any energy storage system (battery backup) over 3 kWh in capacity, and standalone energy storage systems are also now eligible for this credit. The IRA ensures there really has never been a better time to go solar!
Energy Trust of Oregon (ETO):
The Energy Trust of Oregon provides cash rebates that offset the purchase price of your system. In Oregon, these rebates are available to Portland General Electric (PGE) or Pacific Power customers and vary throughout the year based on funding availability. Imagine Energy is a long-time Energy Trust of Oregon Trade Ally and will ensure you receive the highest rebate available for your system.
Oregon Department of Energy (ODOE) Solar + Storage Rebate Program:
The Oregon Solar + Storage Rebate Program has issued rebates for solar electric and paired solar plus battery backup systems for residential customers in Oregon. Rebates are issued to approved contractors such as Imagine Energy, and we pass the savings on to you up front! For low- and moderate-income customers, rebates cover $1.80 per watt (DC) of installed capacity, up to 60% of the net cost* or $5,000, whichever is less. For homeowners not considered low- or moderate-income who are also eligible for an electric utility incentive, it provides rebates of $0.20 per watt (DC) of installed capacity, up to 40% of the net cost or $5,000, whichever is less. And for homeowners not considered low- or moderate-income who are not eligible for an electric utility incentive, it provides rebates of $0.50 per watt (DC) of installed capacity, up to 40% of the net cost or $5,000, whichever is less. The maximum rebate is $5,000 for a solar electric system and $2,500 for an energy storage system, and funding is still available for all parties.
*ODOE defines the net cost of a system as the total of all eligible costs minus any incentive provided by an electric utility or by Energy Trust of Oregon.
Financing
Our business is to build and maintain solar energy systems for our clients in the Pacific Northwest. We are not in the financing business, so there are no conflicts of interest in our sales and design process, and there are no magic numbers. We offer you the best price we can upfront, and we deliver what we promise. But affording a solar energy system upfront can be a challenge for many clients, and financing is often a critical part of the equation. While flexibility and affordability are often primary considerations, we've found that everyone’s situation is different. What is most important to you? Whether your focus is on the interest rate, total financing cost, monthly payment, downpayment, or prepayment penalty, our solar sales engineers can help you make sense of your options. Transparency is fundamental to our process. We have relationships with several financial institutions active in the Pacific Northwest that our clients have found to offer seamless approval processes and competitive loans for solar, including:
PSCCU is a cooperative credit union that has provided our clients solar specific loans in both Oregon and Washington. They offer competitive rates; require no down payment; can finance battery systems and EV charging stations in addition to the solar system; and can usually get you approved same day. Many of our clients have used PSCCU Learn more about their SustainableSolar loans here.
Banner Bank offers personal home improvement loans with competitive rates up to $15,000 and has no equity requirements. Learn more about Banner Bank’s home improvement loans here.
