Local Cooperative Reminds Residents that Geothermal Heat Pump Tax Credits are Back
Thursday, June 7th, 2018 -- 8:07 AM
-Geothermal heat pump tax credits are back, according to Clark Electric Cooperative in Greenwood.In an extra bit of good news, for members who installed a geothermal system last year, the 30% federal tax credit for geothermal heat pumps is retroactive to include systems installed on or after January 1st of 2017 and extends through 2021. “Reinstating the geothermal federal tax credit is a big win for consumers. A geothermal heat pump is reliable, low maintenance and more efficient that a traditional HVAC system,” said Greg Shaw, HVAC manager at Clark Electric Appliance and Satellite. The tax credit begins to phase-out after two years with a 26% tax credit in 2020 and a 22% credit in 2021.
Clark Electric Cooperative members who installed a geothermal heat pump in 2017, and believe they might be eligible for a renewable tax credit, should contact their accountant or tax preparer. The tax credit was part of the Continuing Resolution spending bill approved by Congress.
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