Wall Geothermal, central Oklahoma Contractor

Residential Federal Tax Credit for Geothermal Installations

In addition to any available rebates, taxpayers may also claim a percentage credit of qualified expenditures for a geothermal system that serves a dwelling unit. The residence must be located in the United States, owned by the taxpayer, and used as a residence by the taxpayer. The home does not have to be the taxpayer's principal residence. If the installation is at a new home, the "placed in service" date is the homeowner's date of occupancy. Qualified expenditures include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. Back up electric heat is specifically excluded. Contact your tax advisor for details. If the federal tax credit exceeds tax liability for a given year, the excess amount may be carried forward to the succeeding taxable year.

30% for systems placed in service through 2032
Wall Geothermal assumes no responsibility for the accuracy of any information on this website.
Consult with your tax preparer for your eligibility and for the latest tax information.
Geothermal Federal Tax Credit Example

geothermal system cost = $21,000
qualifying portion = $18,000
tax credit = 0.30 x $18,000

Tax Credit = $5,400