Geothermal Tax Credits
A Geothermal heat pump is eligible for a Federal tax credit of 30% of the cost with no upper limit until December 31, 2016. These can be used on new or existing homes, and a principal residence or second home would both qualify (but not rentals).
A new Energy Star specification for geothermal heat pumps went into effect on December 1, 2009. The qualifications for Energy Star were expanded and Water-to-Water units were added.
A qualified system must meet the following requirements:
- Installed after January 1, 2009 and before December 31, 2016.
- According to the Internal Revenue Service (IRS) guidance, the Federal tax credits are tied to the Energy Star specification that is in effect at the date of purchase.
- EnergyStar encourages the use of a heat recovery module but this is not required under the guidelines effective December 1, 2009.
- Installed in a residence (not limited to primary residence).
- For purposes of Energy Star qualification, geothermal heat pumps include the following: open loop design, closed loop design, and DGX and are powered by a single phase current.
- The taxpayer has to file IRS Form 5695 to receive the credit
View more information about geothermal tax credits
The Maeser Difference!
- Fast, Same-Day ServiceFixed to your satisfaction in hours, not days
- Emergency Service AvailableFor any of your emergency or non-emergency service needs
- Caring Licensed TechniciansWe treat your home like our own
- You're in Good HandsBackground-checked and drug-tested employees
- Guaranteed Customer SatisfactionWe're not happy until you're happy