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Geothermal Loop Tax Incentives
The Inflation Reduction Act of 2022 (IRA) increases the federal income tax credits and incentives for the installation of geothermal loops and heat pumps. Please consult your tax professional for further guidance.
Investment tax credit (ITC) up to 30% of system cost
Made in the USA bonus tax credit of up to 10% of system cost
Up to $5 per square foot tax deduction
5-year accelerated depreciation and a 1-year bonus depreciation
Reduction in energy usage
Sustainability (longer lasting
Looking for more?
To understand what you qualify for please consult your tax professional.
Sources: WaterFurnace, the Inflation Reduction Act of 2022, and GeoExchange
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