Customers of Holtzople who purchase WaterFurnace geothermal systems qualify for a federal tax credit! This residential tax credit allows homeowners in Maryland and Pennsylvania to deduct 30% of the total geothermal heating and cooling system installed cost from their tax liability or tax due. The Residential Energy Efficient Property Tax Credits program is part of 2009’s American Recovery and Reinvestment Act. These federal residential energy credits are nonrefundable and they have been created to help homeowners pay for qualified residential alternative energy equipment, such as WaterFurnace systems.
Tax Credit Update:
President Donald Trump recently signed into law a bill restoring the 30% federal tax credit for geothermal heat pumps in the residential sector and the 10% credit for qualifying commercial installations. These tax credits are retroactive to Jan 1, 2017, so homeowners who bought a system last year are eligible for the 30% credit. Credits have been extended to December 31, 2021. They will remain at 30% until December 31, 2019, at which point they will begin a phase-out. For 2020, the credit will move to 26% and in 2021 the final incentive will be 22%.