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Free Estimates for New Well & Geothermal Installations
Incentives
Energy Incentives and Other Discounts Will Save You Money
Residential Credits
Federal tax credits are available to offset the cost of installing or converting to a geothermal system.
Homeowners
can receive tax credits from state and federal green stimulus programs who install geothermal heat pump systems between January 1, 2017 and December 31, 2021. Tax credit will be at 30% until December 31, 2019. In 2020 and 2021, the tax credit will drop to 26%. The credits were renewed with the Inflation Reduction Act of 2022, in the following manner; 30% (2022 - 2032), 26% (2033), 22% (2034) and 0% (2035). The taxpayer has to file IRS form 5695 to receive the credit; Ortman Drilling & Water Services
can assist our clients with this IRS form. The credit can be amortized and taken until 2023.
For more details on these credits, go to energystar.gov. Information on state rebates and incentives for ground source heat pumps can also be located atdsireusa.org.
Commercial Credits
For commercial projects, the tax credit for geothermal has also been extended under the Inflation Reduction Act to the following rates: 26% (2021) (base/bonus rate structure not applicable), 30% bonus/6% base (2022-2032), 26% bonus/5.2% base (2033), and 22% bonus/4.4% base (2034). To learn more, go to igshpa.org.
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