GeoThermal Federal Tax Credit
Congress is Working to Reinstate the GeoThermal Tax Credit
It looks like the federal tax credit for GeoThermal heat pumps will soon be making a comeback.
In 2015, Congress extended until 2021 the tax credits for commercial and residential solar energy installations. However, this extension did not include the tax credits for GeoThermal heat pumps and other clean energy technologies. Reps. Tom Reed (R-NY), Rep. Mike Thompson (D-CA) and 18 other cosponsors are working on a bill to change this.
If passed, the new bill will reinstate and extend the federal tax credit for GeoThermal heat pumps for both residential and commercial installations until December 31, 2021. Specifically, this will include a 10% commercial Investment Tax Credit and a 30% residential Income Tax Credit.
“We care about ensuring that we can produce reliable, clean and affordable energy that our nation needs right here at home,” said Reed. “As we move forward with tax reform, having a structure that encourages this kind of development creates the quality, family-sustaining jobs that people throughout our country deserve, all while helping meet the energy demands of today and tomorrow. It’s a win-win.”Click here to read the full article from the GeoThermal Exchange Organization.
Are You Ready to Go GeoThermal?
GeoThermal air conditioning (heat pump) is a perfect solution for new build or retrofit, and can save up to 70% on energy bills.
So, what are you waiting for? Call Symbiont Service Corp today, or click the live chat window to your right to connect immediately with one of our friendly representatives. We’ll be glad to answer any remaining questions.