Geothermal Tax Credit
Save on Your Geothermal Heat Pump With a Federal Tax Credit
The Geothermal Tax Credit is a great opportunity for homeowners who have installed their geothermal heat pump in the last few years. In fact, the tax credit can help save 26% of the amount you invested in your geothermal heat pump. Crabtree Well and Pump is here to help with everything from installing a geothermal heat pump in your home to helping you take advantage of the federal tax credit in Springfield, Ohio! Learn more about the benefits of a heat pump, how the tax credit works, and whether you qualify.
Install a Geothermal Heat Pump
At Crabtree Well and Pump, we have the best equipment to install the geothermal heat pump. But what’s the benefit? With a heat pump, you can reduce your energy costs and save money with tax incentives. Work with our team and get the same quality of energy while switching to an environmentally-friendly and highly-efficient heating and cooling system.
Geothermal Tax Credit Claims
For 2021-2022, the Geothermal Tax Credit is 26%. In 2023, the tax credit will drop to 22%. Take this as your sign to take advantage of these tax breaks and install your geothermal heat pump with Crabtree Well and Pump in Springfield, Ohio. To get started, schedule a free consultation and we’ll give you an estimate on a geothermal heat pump for your home!
Geothermal System and Residential Criteria
At Crabtree Well and Pump, we are here to assist you in obtaining the documentation to qualify for the Geothermal Tax Credit. To qualify, you must be the homeowner and your Geothermal Heating system needs to be installed, usable, and serviced between October 3, 2008, and December 31, 2023. Beyond that, you need to meet the Geothermal Heat Pump requirements of Energy Star.
Using Your Geothermal Tax Credit
If you qualify for the Geothermal Tax Credit, all you need to do is fill out a form declaring the amount spent on your geothermal well when filing your federal income tax return. It will be the 5695 IRS form. Learn more about how we can help you at Crabtree Well and Pump in Springfield!
Saving big on your geothermal heat pump with the federal tax credit is easier than it sounds. When you work with Crabtree Well and Pump in Springfield, you can get a substantial rebate for your geothermal heat pump installation if you meet all the requirements to qualify for this tax credit. Get in touch today and save more money with your installation and our support in Springfield, Ohio.