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Homeowner Resources for Geothermal Tax Incentives

The Residential Clean Energy Property Credit is a 30-percent tax credit for certain qualified expenditures made by a taxpayer for residential energy efficient property eligible under the Inflation Reduction Act of 2022’s investment in clean energy solutions. 

How much can you save

Save Even More With Residential Tax Incentives

The Inflation Reduction Act brings even more ways to save on geothermal heat pump installations. Combine federal benefits with state and local programs to maximize your financial opportunities.

Inflation Reduction Act

Schools, nonprofits, and municipalities can now access ITC benefits through the direct-pay option, ensuring equitable access to geothermal tax incentives.

Local Incentives

In addition to the federal tax credits outlined above, many states offer tax incentives, or low interest loans to encourage the installation of geothermal heat pumps. Please check with your tax advisor or installing dealer to find out what is available in your area.

State and Local Credits

Additional incentives for installing a geothermal heating and cooling system may be available. Visit the DSIRE Website to find out if there are state and local residential energy tax credits available in your area.

SAVINGS FROM DAY ONE

Inflation Reduction Act (IRA)

The IRA extends the residential clean energy property credit through 2034 and modified the applicable credit percentage rates. The credit applies for property placed in service after December 31, 2021, and before January 1, 2033.

Qualified geothermal heat pump property is any equipment that uses the ground or ground water as a thermal energy source to heat your home. 

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Infographic-Geothermal-Tax-Credit-Extended-Square-v3
Owners_ Area - Maximize Savings with Tax Certificates

Download the tax guide

Save 30% On Your Geothermal Heat Pump System

In addition to experiencing the cost saving efficiency of a geothermal heating and cooling solution, there are now immediate cost savings available to make your investment more affordable. Homeowners can now receive 30% on the installation of new geothermal systems with federal tax credits offered because of the Inflation Reduction Act legislation passed in August of 2022.

Download the Tax Guide

Get the Guidance You Need

Need help understanding the process of purchasing and installing a geothermal system?  With residential homeowner and professional support, our network of dealer contractors will guide you through the installation process.