30% Renewable Energy Tax Credit
& $1000 Instant Rebate
Have you heard there are Federal tax incentives for residential geothermal heat pumps?
There are still funds available for the renewable energy tax credit program for geothermal heat pumps which were added to section 25D of the code in October 2008. This section of the Internal Revenue Code made a 30% tax credit on the installation of a qualified geothermal heat pump system. The system needs to be “in service” by the end of 2016.
Act fast for the tax credit in 2014!
To be eligible for the tax credit for this year you’ll need to have your qualifying geothermal heat pump system installed before the end of December 2014. That’s a savings of 30% toward the installation cost of your new geothermal heat pump system, as well as an instant rebate of $1000.
What else is included in the geothermal energy tax credit?
- No cap on the credit amount for systems installed after 2009
- This tax can be used in more than one year, and can be combined with tax credits of installed solar and wind energy systems that also qualify for the tax credit.
- You can also combine the geothermal tax credit with energy efficiency upgrade costs.
More information on the geothermal tax credit.