22 Feb GeoThermal 30% Federal Residential Income Tax Credit Available Through 2021
Good news for Ann Arbor and SE Michigan homeowners! While GeoThermal heat pumps and other clean energy technologies were not previously included in the 2015 extension of tax credits extended by Congress through 2021, a new bill that recently passed thanks to the efforts of Rep. Mike Thompson (D-CA), Rep. Tom Reed (R-NY) and others means 30% income tax credits will be available for residents who install GeoThermal heat pumps.
Federal legislation passed on February 9th to extend federal tax credits on GeoThermal heat pump installation for both residential and commercial customers. Additionally, it is important to note that the GHP tax credits have been extended to those who begin commercial installation by January 1st of 2022 and also retroactive for those residential homeowners who may have had a GeoThermal heat pump installed as long ago as January 1, 2017.
President and CEO of GEO (Geothermal Exchange Organization) Doug Dougherty said that the recent action by Congress repairs the inequity created when credits for microturbines, geothermal heat pumps, and other technologies expired at the 2016 year-end while tax credits for solar installations were extended through 2021. Dougherty went on to say that GEO has finally achieved equality with solar; the organization had a loud message that appears has finally been heard by legislators, which is that when it comes to fairness in tax policy and renewable energy, Congress should not be choosing the winners and losers.
Ultimately the passing of the bill helps spread the economic and environmental benefits of geothermal heat pumps across the country and ensures a positive future for GEO’s technology.
At Haley Mechanical, the message we want to convey is that residential customers who install GeoThermal heat pumps will enjoy a 30% residential income tax credit. This type of heating and air conditioning system is ideal for those in Ann Arbor and Southeast Michigan who want to save a bundle on energy costs through clean energy technologies you can rely on for a comfortable home. To learn more about GeoThermal heat pumps and how the residential income tax credit works, contact Haley Mechanical today.