Just minutes ago, President Trump signed into law a bill restoring the 30% federal tax credit for geothermal heat pumps in the residential sector and the 10% credit for qualifying commercial installations. This legislation is a victory for the country, for the economy, and for the thousands of hard-working people that drive this industry – people like you. This was a direct result of the hard work from the Geothermal Exchange Organization (GEO) and all the geothermal advocates who took the time to contact their local legislators.
These tax credits are retroactive to Jan 1, 2017, so homeowners who bought a system last year are eligible for the 30% credit. Make sure to let any customers from the last 13 months and homeowners who are currently in the buying process know the good news! Credits have been extended to December 31, 2021. They’ll remain at 30% until December 31, 2019, at which point they’ll begin a phase-out. For 2020, the credit will move to 26% and in 2021 the final incentive will be 22%.