INDUSTRY NEWS
Inflation Reduction Act Allows for 30% Tax Credit
There is a US federal tax credit for residential geothermal heat pump installations equal to 30% of the total system cost. And, there's a 30% federal tax credit for commercial geothermal heat pump installations. The Inflation Reduction Act, adopted in August 2022, allows for a 30% tax credit for costs associated with ENERGY STAR qualified geothermal heat pumps installed in residences, as noted in section 25D of the Internal Revenue Code. The 30% credit applies to geothermal equipment placed in service through 2032.
Incentives in the United States any geothermal equipment meeting ENERGY STAR requirements at the time of installation is eligible for the residential geothermal tax credit. The geothermal system must be installed in the United States in a home owned by the taxpayer. The tax credit applies for geothermal installations in new and existing homes.
The credit is equal to 30% of the eligible system costs, including the heat pump, ground loop field, etc. There is no limit to the number of times the credit can be claimed, so if the taxpayer has more than one home, the credit can be claimed for each home where geothermal equipment is installed.
IRS Form 5695 Is Used To Claim The Residential US Tax Credit
Incentives in the United States any geothermal equipment meeting ENERGY STAR requirements at the time of installation is eligible for the residential geothermal tax credit. The geothermal system must be installed in the United States in a home owned by the taxpayer. The tax credit applies for geothermal installations in new and existing homes.
The credit is equal to 30% of the eligible system costs, including the heat pump, ground loop field, etc. There is no limit to the number of times the credit can be claimed, so if the taxpayer has more than one home, the credit can be claimed for each home where geothermal equipment is installed.
IRS Form 5695 Is Used To Claim The Residential US Tax Credit
Massmann Geothermal Recognized as Industry Leader!!
30Jun2022
Massmann Geothermal and Mechanical Honored by Enertech Global for Promoting GeoComfort® Geothermal Systems (GREENVILLE, IL – June 1st, 2022) – Local homeowners don’t have to look far to find a highly qualified geothermal installer to help them reduce their carbon footprint and save money on monthly utilities. Enertech Global, the manufacturer of GeoComfort® geothermal heating and cooling systems, hosted its annual Dealer Meeting in May recognizing its top dealers from 2021. Local Twin Cities, MN business,
Massmann Geothermal and Mechanical, is one of the nation’s premier geothermal installers, having earned the 2021 Sales Award during the Annual Enertech Global Dealer Meeting. They offer the complete line of GeoComfort® geothermal equipment and accessories for residential and commercial heating, cooling, and hot water comfort systems and have significant experience installing and servicing these systems.
Enertech VP of Sales, Ed Davis presented Massmann Geothermal and Mechanical with the distinguished award for demonstrating excellence in sales, installation, and customer service. “We believe we have the best dealers in the industry,” said Davis. “They can be counted on to provide the ultimate comfort experience for the homeowner and to hold themselves to a higher standard. You won’t find an installer better equipped to provide a quality geothermal system.”
Geothermal heat pumps tap into the earth’s stored heat energy to provide clean and sustainable heating and cooling for homes and buildings. Surveys by utilities illustrate a high level of satisfaction with geothermal systems compared to conventional systems. In fact, polls consistently show that more than 95% of all geothermal owners would recommend a similar system to their friends and family. Many states, local municipalities, and utilities also offer rebates, tax incentives, or low interest loans to support geothermal. For more information on available incentives, property owners can contact Massmann Geothermal and Mechanical by calling (763) 389-0376.
About Enertech Global Enertech Global is a leading heat pump manufacturer, solar PV distributor, and visionary in sustainable energy solutions and has been for over 25 years. With corporate headquarters in Greenville, IL and production facilities in Mitchell, SD, Enertech Global’s award-winning products are proudly made in the heart of America and are distributed worldwide. The company’s product lines consist of GeoComfort®, Hydron Module®, and TETCO® brands. For more information, visit online at https://enertechusa.com/.
Massmann Geothermal and Mechanical Honored by Enertech Global for Promoting GeoComfort® Geothermal Systems (GREENVILLE, IL – June 1st, 2022) – Local homeowners don’t have to look far to find a highly qualified geothermal installer to help them reduce their carbon footprint and save money on monthly utilities. Enertech Global, the manufacturer of GeoComfort® geothermal heating and cooling systems, hosted its annual Dealer Meeting in May recognizing its top dealers from 2021. Local Twin Cities, MN business,
Massmann Geothermal and Mechanical, is one of the nation’s premier geothermal installers, having earned the 2021 Sales Award during the Annual Enertech Global Dealer Meeting. They offer the complete line of GeoComfort® geothermal equipment and accessories for residential and commercial heating, cooling, and hot water comfort systems and have significant experience installing and servicing these systems.
Enertech VP of Sales, Ed Davis presented Massmann Geothermal and Mechanical with the distinguished award for demonstrating excellence in sales, installation, and customer service. “We believe we have the best dealers in the industry,” said Davis. “They can be counted on to provide the ultimate comfort experience for the homeowner and to hold themselves to a higher standard. You won’t find an installer better equipped to provide a quality geothermal system.”
Geothermal heat pumps tap into the earth’s stored heat energy to provide clean and sustainable heating and cooling for homes and buildings. Surveys by utilities illustrate a high level of satisfaction with geothermal systems compared to conventional systems. In fact, polls consistently show that more than 95% of all geothermal owners would recommend a similar system to their friends and family. Many states, local municipalities, and utilities also offer rebates, tax incentives, or low interest loans to support geothermal. For more information on available incentives, property owners can contact Massmann Geothermal and Mechanical by calling (763) 389-0376.
About Enertech Global Enertech Global is a leading heat pump manufacturer, solar PV distributor, and visionary in sustainable energy solutions and has been for over 25 years. With corporate headquarters in Greenville, IL and production facilities in Mitchell, SD, Enertech Global’s award-winning products are proudly made in the heart of America and are distributed worldwide. The company’s product lines consist of GeoComfort®, Hydron Module®, and TETCO® brands. For more information, visit online at https://enertechusa.com/.