Geothermal Tax Credits Reinstated

The Continuing Resolution spending bill signed by President Trump earlier this morning, includes a measure to extend tax credits for the Geothermal Heat Pump industry.

For residential geothermal systems placed in service from Jan. 1, 2017 through 2019, the credit is 30% of the cost of the system. It then drops to 26% for 2020 and 22% for 2021. In addition, there is a tax credit up to $500 (10% of the amount paid) for making energy-efficient home improvements like new windows or upgraded heating/a-c equipment. A note of consideration for commercial GHP projects – the bill makes them eligible for tax credit if commenced by Jan. 1, 2022 rather than placed in service.

A big win for geothermal systems!

Geothermal Tax Credits Reinstated

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