The 30% US tax credit has been reinstated for 2018 and is retroactive for any products purchased in 2017! The American Recovery and Reinvestment Act adopted in October 2008 allows for a 30% tax credit for costs associated with ENERGY STAR qualified residential geothermal heat pumps, as noted in section 25D of the Internal Revenue Code. The 30% credit applies to geothermal equipment placed in service until 2020. Tax credits will still be available at a reduced rate until 2022.
The information here is for general use only. The information is provided with the understanding that Hydron Module is not providing tax, accounting, legal or other professional advice. This material should not be used as a substitute for expert advice from a tax, accounting, or legal professional.
Canadian provinces also offer tax incentives for Canadian residents installing a geothermal system. Since these offerings vary by Province, interested parties should contact their local Hydron Module dealer for details regarding their specific tax incentive availability.
In addition to the Federal/Provincial tax credits, many local municipalities and utilities also offer rebates or other financial incentives to homeowner's installing a geothermal system. Be sure to research their availability to ensure maximal benefit of installing a new efficient geothermal heating and cooling system.
DSIRE is a comprehensive source of information on state, local, utility, and federal incentives and policies that promote renewable energy and energy efficiency. Established in 1995 and funded by the U.S. Department of Energy, DSIRE is an ongoing project of the N.C. Solar Center and the Interstate Renewable Energy Council.
Starting in 2008, the American Recovery and Reinvestment Act allows for a 30% tax credit for costs associated with ENERGY STAR® qualified geothermal heat pumps, as noted in section 25D of the Internal Revenue Code. These documents are provided in relation to that program.