|
financing & incentives.
: resources and information to help you make the switch!
|
Getting Started
Various funding resources are available to help you electrify your home. Rebates, tax credits, and loans can often be combined when you make a purchase of a new energy-efficient system or appliance, making it easier to offset the initial cost and shortening the payback time.*
*Note: Financing and tax programs frequently change. Consult your installer or tax professional for the most up-to-date information. Also, be sure to confirm that your appliance model qualifies. Keep in mind that many installers may not yet know about all available incentives -- we're working to help them too.
Incentives: reduce the cost of electrification projects
|
The Inflation Reduction Act of 2022 (IRA) included new and expanded federal tax credits and up-front rebates for electric appliances, energy efficiency and clean energy! These incentives can be often stacked with existing utility rebate programs and state or private low-interest loan options. Your household's financial situation (and other factors) will determine which incentives you can use.
Ready to dive in?
|
|
|
Tax credits - available now!
Federal tax credits worth 30% of project costs (up to certain annual limits depending on the technology) apply to:
The Montana DEQ has great information on federal tax credits here. |
Rebates
Local rebate programs - available now
Income-qualified rebates - coming soon For low- and moderate-income households, the IRA includes rebates that cover up to 100% of the up-front costs for certain energy efficiency and electrification projects, plus electric appliances such as induction stoves/cooktops and heat pump clothes dryers (up to certain annual limits). Rebate programs will be administered at the state level; details are still being finalized, with availability anticipated by the end of 2023 or early 2024. |
Financing Options
If paying the full upfront cost of electrification is not in the cards, there are several local low-interest loan options to affordably finance your project.
|
Montana Alternative Energy Revolving Loan Program (AERLP)
The Montana Department of Environmental Quality's AERLP provides low-interest loans to individuals, small businesses and nonprofit organizations. This loan program is primarily intended to finance renewable energy (e.g. rooftop solar), but can also be used to finance energy efficiency & electrification projects that are completed in conjunction with or at about the same time as a renewable energy system. This includes insulation, high-efficiency windows, and energy-efficient appliances including heat pumps, water heaters, electric stoves, washers/dryers and more. This is a great option for combining solar and energy efficiency/ electrification projects under a single low-interest loan.
|
Clearwater Credit Union's Home Energy Efficiency & Home Solar Loans
Clearwater Credit Union offers two loan products that support electrification and clean energy projects. Home Energy Efficiency Loan: covers upgrading HVAC (including heat pumps for space heating), windows, doors, and insulation. Note - this loan does not cover other energy efficient appliances or water heaters.
Home Solar Loans: unsubsidized loan for solar panels that can be reamortized after getting state or federal incentives to lower monthly payments.
|
Financial Resources by System Type
Browse below to find the financing resources that can best assist in electrifying your home or business!
Resource |
Requirements |
Link |
Ground source heat pumps (Space Heating)
|
Montana's Alternative Energy Revolving Loan Program (AERLP) provides low-interest loans to increase investments in alternative energy systems and energy conservation measures in Montana. It may be used by individuals, small businesses and nonprofit organizations.
This is a great option for combining solar and energy-efficiency/electrification projects under a single low-interest loan! |
The AERLP loan program is primarily meant to finance renewable energy (e.g. rooftop solar), but can also be used to finance energy conservation projects that are completed in conjunction with or at about the same time as an alternative energy system, with the intention of reducing the size of that system. This includes:
|
Later in 2023 or early 2024: Stay tuned for details about rebates that will reduce the up-front cost for low- and moderate-income families for energy-efficient appliances, including heat pumps for space and water heating.
Air source heat pumps (Space Heating)
|
Montana's Alternative Energy Revolving Loan Program (AERLP) provides low-interest loans to increase investments in alternative energy systems and energy conservation measures in Montana. It may be used by individuals, small businesses and nonprofit organizations.
This is a great option for combining solar and energy-efficiency/electrification projects under a single low-interest loan! |
The AERLP loan program is primarily meant to finance renewable energy (e.g. rooftop solar), but can also be used to finance energy conservation projects that are completed in conjunction with or at about the same time as an alternative energy system, with the intention of reducing the size of that system. This includes:
|
Later in 2023 or early 2024: Stay tuned for details about rebates that will reduce the up-front cost for low- and moderate-income families for energy-efficient electric appliances, including heat pumps for space and water heating.
Heat Pump Water heaters
|
Montana's Alternative Energy Revolving Loan Program (AERLP) provides low-interest loans to increase investments in alternative energy systems and energy conservation measures in Montana. It may be used by individuals, small businesses and nonprofit organizations.
This is a great option for combining solar and energy-efficiency/electrification projects under a single low-interest loan! |
The AERLP loan program is primarily meant to finance renewable energy (e.g. rooftop solar), but can also be used to finance energy conservation projects that are completed in conjunction with or at about the same time as an alternative energy system, with the intention of reducing the size of that system. This includes:
|
Later in 2023 or early 2024: Stay tuned for details about rebates that will reduce the up-front cost for low- and moderate-income families for energy-efficient electric appliances, including heat pumps for space and water heating.
aPPLIANCES
|
Montana's Alternative Energy Revolving Loan Program (AERLP) provides low-interest loans to increase investments in alternative energy systems and energy conservation measures in Montana. It may be used by individuals, small businesses and nonprofit organizations.
This is a great option for combining solar and energy-efficiency/electrification projects under a single low-interest loan! |
The AERLP loan program is primarily meant to finance renewable energy (e.g. rooftop solar), but can also be used to finance energy conservation projects that are completed in conjunction with or at about the same time as an alternative energy system, with the intention of reducing the size of that system. This includes:
|
Later in 2023 or early 2024: Stay tuned for details about rebates that will reduce the up-front cost for low- and moderate-income families for energy-efficient appliances, including heat pump clothes dryers, electric induction stoves & cooktops.
wEATHERIZATION & Efficiency
|
Montana's Alternative Energy Revolving Loan Program (AERLP) provides low-interest loans to increase investments in alternative energy systems and energy conservation measures in Montana. It may be used by individuals, small businesses and nonprofit organizations.
This is a great option for combining solar and energy-efficiency/electrification projects under a single low-interest loan! |
The AERLP loan program is primarily meant to finance renewable energy (e.g. rooftop solar), but can also be used to finance energy conservation projects that are completed in conjunction with or at about the same time as an alternative energy system, with the intention of reducing the size of that system. This includes:
|
Later in 2023 or early 2024: Stay tuned for details about rebates that will reduce the up-front cost for low- and moderate-income families for insulation, air sealing, and efficient windows and doors.
|
Low-income families may qualify for the Department of Energy's Low Income Weatherization Assistance Program, which in Missoula county is administered by the Human Resource Council. This program allows approved applicants to have qualified professionals conduct energy audits and weatherization improvements on their residences, free of charge.
|
Annual household income limits apply, depending on household size
|
Electrical Service & Panel upgrades
Electrifying older homes may require upgrading your electrical service and/or electrical panel to accommodate increased electricity usage.
The Federal Energy Efficient Home Improvement Credit covers 30% of the cost of upgrading your electrical panel, up to $600, when done in conjunction with another energy efficiency upgrade under the same credit (e.g., heat pump or heat pump water heater).
If upgrading electrical service in conjunction with installing solar panels, this 30% credit is uncapped.
See Rewiring America's information on Electrical Panel upgrades for more details.
If upgrading electrical service in conjunction with installing solar panels, this 30% credit is uncapped.
See Rewiring America's information on Electrical Panel upgrades for more details.
Later in 2023 or early 2024: Stay tuned for details about rebates that will reduce or fully cover the up-front cost for low- and moderate-income families for electrical panel upgrades.
