ICAST is pleased to announce that in September, it processed over 1,000 multifamily heat pump rebates for Rocky Mountain Power (RMP), thus setting a new monthly record. ICAST has managed RMP’s custom multifamily program in Utah since its launch in 2018, and this program is one of the nation’s most successful for electrification in multifamily properties. It covers the entire multifamily market and focuses on holistic, deep energy savings, paying incentives tied directly to energy savings and offering greater incentives for heat pump installs.
This is an exciting time to deliver these kinds of results. The International Energy Agency has described heat pumps as “the central technology in the global transition to secure and sustainable heating” and noted that particular attention needs to be paid to increasing heat pump deployment in multifamily and commercial buildings. As of the time of this writing, state energy offices (SEOs) are preparing their applications for the new ~$9 billion Home Energy Rebate Programs, created by the Inflation Reduction Act (IRA) and disbursed by the Department of Energy (DOE). Once programs launch, multifamily affordable housing properties will be able to receive up to $14,000 per apartment to install heat pump-based HVAC, water heaters, and induction stoves and to upgrade their electrical infrastructure. A group of 25 state governors and the Biden administration recently announced a pledge to quadruple the number of heat pumps in U.S. homes by 2030, from 4.7 million to 20 million. And, who could forget the welcome news that in 2022, U.S. residential heat pump sales passed gas furnaces for the first time.
To learn more about ICAST’s work in this space, check out our resource guides for (1) scaling heat pumps in multifamily properties and (2) navigating the IRA and Bipartisan Infrastructure Law funding opportunities to drive deep retrofits in multifamily properties.