What is the 2021 Federal Geothermal Tax Credit?
Since geothermal systems are the most efficient heating and cooling units available, the United States federal government has enacted a 26% federal geothermal tax credit with no upper limit.
In a massive environmentally-focused year-end bill, congress announced on December 21, 2020, that they would extend its federal tax credit for residential ground source heat pumps (GSHP) installed before 12/31/2022. The bill was signed into law on December 27 by president Donald Trump.
Take Advantage of Additional Incentives in New York State
New York State homeowners can qualify for the New York State Energy Research and Development Authority (NYSERDA) New York State Clean Heat Program. The State and the 6 electric utilities that have allocated funding for geothermal heat pump installations.
Additional Incentives Based on Your New York Utility Company
Through the NYS Clean Heat program, electric utility companies offer rebates on both air and ground source heat pumps. Visit your electric company’s website or reach out to them to learn more:
Home Owners in New York are making the switch to Geothermal to eliminate heating bills, cash in on state, federal and utility incentives, and save thousands in heating and cooling annually.