Geothermal Tax Credits

Reinstated Geothermal Tax Credits

In October 2008, the U.S. Congress passed The Emergency Economic Stabilization Act of 2008 (H.R. 1424), extending the Investment Tax Credit (ITC) to include geothermal heat pumps installed after October 3, 2008 until 2016. This tax credit was reinstated retroactively to include Geothermal Heat pumps installed after Jan. 1, 2017 and extended to Jan. 1, 2022.

DETAILS:
Geothermal Systems purchased in 2017, 2018, 2019: 30% Rebate
Geothermal Systems purchased in 2020: 26% Rebate
Geothermal Systems purchased in 2021: 22% Rebate

The language also changes an important consideration for commercial GHP projects, making them eligible if commenced by Jan. 1, 2022 rather than placed in service.

Receiving Your Incentives
To qualify, a system must be placed in service after October 3, 2008 and no later than December 31, 2021. To collect this credit the taxpayer would need to complete IRS Form 3468. The form will need to be reviewed by the IRS, to reflect the addition of geothermal heat pumps as “qualifying equipment”. There are no specific requirements for how the expense must be reported, however it would be helpful if the report clearly states “geothermal heat pump installation” on the contract or invoice. Please consult with a tax professional for more information on what incentive opportunities are available to you.

Manufacturer’s Certification:
>Bosch Geothermal
>Bard Geothermal 

Visit EnergyStar’s Website for Complete Details and Documents (Tax Form 5695) Here:

>EnergyStar.gov

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Family-Owned & Operated for 3 Generations
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We’re committed to providing a top-quality service with a personalized touch.

24-Hour Emergency Service
24 Hour Emergency Service

We offer 24-hour emergency service to ensure your comfort and peace of mind whenever you need it.

Certified
Technicians
Certified Technicians

Our team of certified technicians guarantees expert and dependable HVAC solutions for your home or business.

A+ Customer
Service
A+ Customer Service

We pride ourselves on delivering A+ customer service, always putting your satisfaction first.

Top-of-the-line
Products
Top-of-the-line Products

We only offer top-of-the-line products to ensure the highest quality and efficiency for your heating and cooling needs.

Friendly Service
Friendly Service

Experience the warmth of our friendly service as we go the extra mile to make your HVAC experience a pleasant one.