30% Federal Tax Credit Reinstated (Retroactive to 01-2017)
Big news for Geothermal! The Federal government has reinstated the 30% tax credit for residential geothermal systems, and 10% for commercial systems, as well as the MARCS accelerated depreciation program. The residential rebate stays at 30% through 2019, reduces to 26% through 2020 and 22% until the end of 2021. So plan now to replace your old boiler.
For commercial projects the 10% applies for projects started before 2022. We're keeping an eye out for updated tax forms. Talk to your tax professional to see how this big news applies to your project.