GEOTHERMAL TAX CREDIT IS BACK!
For geothermal heat pumps and other renewable energy technologies, the legislation passed by Congress on Feb 9:
- Reinstates the residential income tax credit at 30% of installed cost, dropping to 26% in 2020, then to 22% for 2021, before ending on Dec 31, 2021.
- Extends the 10% commercial investment tax credit until Jan 1, 2022, and changes the language for placed in service to “property the construction of which begins before Jan 1, 2022.”
- Makes both residential and commercial tax credits retroactive to Jan 1, 2017.
Be sure to ask your local electric company about rebates offered for installing a geothermal system.
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