Geothermal, Tax Credits, Financing and Rebates

Geothermal, Tax Credits, Financing and RebatesFederal Tax Credit:
The Tax Incentives Assistance Project  (TIAP) 30% Tax Credit – No Cap – Use IRS Form 5695
This means that if your system cost $21,000 to install, you can reduce your taxes by $6,300 during that year.
This is based on common understanding and is not presented as tax advice. Please be sure to check any tax information with your accountant or tax preparer.
All ENERGY STAR labeled geo-thermal heat pumps qualify for the tax credit.

For tax purposes, save your receipt and the Manufacturer’s Certification Statement.

Tax credit is effective for the period from Jan 1, 2009 to Dec 1, 2016

Efficiency Requirements:

Closed Loop: EER >= 14.1 COP >= 3.3

Open Loop: EER >= 16.2  COP >= 3.6

Direct Expansion: EER >= 15 COP >= 3.5
State of Connecticut Rebate:$500.00 per ton up to maximum of $1500.00   This means that the average homeowner in CT would receive $1500 rebate check from their local Utility company after the system has been tested and the paperwork submitted.Source: