30% Tax Credit on Geothermal Heat Pumps
Now through December 31, 2016 a taxpayer may claim a credit of 30% of qualified expenditures for a Geothermal Heat Pump System. Certain restrictions apply, contact us for details.
- All ENERGY STAR qualified geothermal heat pumps are eligible for the tax credit
- Can be combined with other utility rebates
- Maximum of 30% of the cost (including installation/labor costs), with no upper limit
- Must be installed in a home you own and use as a residence – no rentals, but second homes qualify
- Must save receipt and manufacturer’s certification statement.
- Submit Form 5695 with your taxes.