LINCOLN — Lincoln Electric System announces that $2.5 million in incentives is available in 2024 for residential and business customers making energy-efficiency improvements through the utility’s Sustainable Energy Program. Since 2009, LES’ Sustainable Energy Program, or SEP, has offered financial incentives to promote energy efficiency, reduce wasted energy and provide customers with options to take a more active role in helping manage electricity demand for the entire service area.
“Helping the community invest in energy efficiency is environmentally responsible and cost-effective for the utility and our customer-owners,” said Marc Shkolnick, LES manager of Energy Services. Since the program’s inception, LES customers have accessed more than $32 million in SEP incentives through 25,000 energy-efficiency projects. “Projects that received SEP incentives have cumulatively saved more than 151,000 megawatt-hours, or the equivalent annual electric use of 15,000 single-family homes,” Skolnick said. “The projects have also cumulatively reduced CO2 emissions by more than 100,000 tons, or the equivalent of over 40,000 cars.”
Residential projects eligible for incentives include:
- High-efficiency heat pumps and air conditioners – Residential customers are eligible for incentive payments when replacing existing cooling systems or installing them in newly built homes. Customers could receive $800 for air source heat pumps, $600 for air conditioners and up to $1,500 for geothermal, based on the unit’s energy-efficiency rating. Tax credits available*: 30% of cost, up to $2,000, for heat pumps and 30% of cost, up to $600, for air conditioners.
- New this year – Lincoln residents are eligible for a $1,000 City of Lincoln-funded incentive toward the purchase of an air source heat pump. This may be combined with the $800 incentive from LES’ SEP. Funds for this heat pump combo incentive are available until Aug. 31, 2024, or until funds are expended, whichever comes first.
- Whole-house sealing and insulation – Incentives up to $1,000 are available. Existing homes with no wall or minimal attic insulation (R-19 or less) can qualify for incentives to upgrade insulation levels to current code standards: $0.80 per square foot wall insulation and $0.50 per square foot attic insulation. Each project requires pre- and post-blower door (home air leakage) tests. Tax credits available*: 30% of cost, up to $1,200, for insulation.
- Heat pump water heaters – Customers could receive $500 per qualifying heat pump water heater 40 gallons or larger. Heaters with a tank size of 40 to 55 gallons must have a UEF (efficiency rating) of at least 2.0. Heaters above 55 gallons must have a UEF of at least 2.2. All units accepted into the program must be listed by ENERGY STAR® and can be installed in an existing or new home or commercial building. The water heater must be installed in an unconditioned or partially conditioned room that provides at least 1,000 cubic feet of surrounding air. Tax credits available*: 30% of cost, up to $2,000, for heat pump water heaters.
Visit LES.com/SEP for complete incentive descriptions and a list of participating LES trade allies who will apply the program’s incentives toward their purchase of eligible equipment or services. Incentive funds are available to customers on a first-come, first-served basis.
* Visit Energystar.gov/about/federal_tax_credits for further tax information. LES recommends consulting with a tax professional on qualifying equipment and tax deduction details.