The Solar + Storage Rebate money for non-income limited projects was expected to run out by the end of the year, according to the Oregon Department of Energy (ODOE), but it was actually used more rapidly than expected in December. There are two key causes for this.
First, the ODOE noticed that permits began to move through the system more quickly beginning in late summer and continuing until the end of the year. Although the precise cause of this is unknown, the ODOE thinks that a few of contractors have developed effective methods for processing refunds.
Second, there was a big influx of applications when ODOE indicated in the autumn that non-income restricted monies would soon run out, causing the funds to exhaust more quickly than they had earlier in the year.
According to the legislation, ODOE may transfer money from the income-restricted fund if the 25% set aside for such projects was not used in the preceding fiscal year. If just 25% of the funds have been utilized, the ODOE will assess the situation. Even yet, we believe that the additional non-income restricted financing will only be a tiny amount and will mostly be used to “make whole” contracts that were meant to be filed before funding ran out.
Stay tuned; around the end of January or the beginning of February, ODOE plans to decide whether to disburse more non-restricted funding.
However, there is still $3 million available for initiatives with income restrictions. Working with clients who have low and moderate incomes has proven to be fruitful for many Oregonians. Now is the moment to develop a strategy to increase the number of low- and moderate-income clients you serve! These projects are financially feasible for low- and moderate-income clients when paired with Energy Trust’s Solar Within Reach financing, extending the reach of your business into new markets. Not sure where to begin? Contact us today and speak to a solar consultant today to learn more!