Resource Details
Energy, Sustainability
Geothermal Heat Pumps Tax Credit
The EPA and DOE provide a tax credit for geothermal heat properties, equipment, and expenditure. A tax credit is a dollar-for-dollar reduction in the amount of income tax you would otherwise owe. For example, claiming a $1,000 federal tax credit reduces your federal income taxes due by $1,000.
The following Residential Clean Energy Tax Credit amounts apply for the prescribed periods:
30% for property placed in service after December 31, 2016, and before January 1, 2020
26% for property placed in service after December 31, 2019, and before January 1, 2022
30% for property placed in service after December 31, 2021, and before January 1, 2033
26% for property placed in service after December 31, 2032, and before January 1, 2034
22% for property placed in service after December 31, 2033, and before January 1, 2035
(last updated 2/3/23)
Eligibility
Eligible products include:
Qualified geothermal heat pump properties, or equipment which (1) uses the ground or ground water as a thermal energy source (to heat), or as a thermal energy sink (to cool) a home, and (2) is ENERGY STAR certified.
Qualified geothermal heat pump property expenditures, or expenditures for qualified geothermal heat pump property installed on or in connection with the taxpayer's residence.
U.S. Environmental Protection Agency
The mission of EPA is to protect human health and the environment.
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