30% Geothermal Tax Credit is Back!

H.R.1892 – Bipartisan Budget Act of 2018 was signed by the President on 2/09/2018.

In this 640 page piece of legislation there is small section which changes the expiration date from “December 31, 2016” to “December 31, 2021”

The 30% Federal Tax Credit for Geothermal Systems is back!

What if I had a system installed in 2017?
Your system will qualify for this credit. Talk with you accountant immediately. You can refer them to this link which shows the bill. “The amendment made by this section shall apply to property placed in service after December 31, 2016”.

What about commercial projects?
The language also changes an important consideration for commercial GHP projects, making them eligible if commenced by Jan. 1, 2022 rather than placed in service.

A huge congratulations to the Geothermal Exchange Organization who has worked tirelessly for years to make this a reality. Thank you!

If you are considering a geothermal system in your home you can find a contractor here.

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