What I knew for sure was that when you install a GHP system in your home, you as the homeowner get a 30% tax credit, but what were the details and what was filing for the credit actually like? Onward I explored!
I contacted Portland based Geonomic Developments, a recommended Geothermal installer, to see if I could chat with someone about tax credits and rebates. I was able to speak with one of the company’s owners, Nick Cabianca. He explained “Geothermal systems qualify for the Federal Renewable Energy Tax Credit, or FRETC. It is a dollar for dollar tax credit for homeowners that is in place thru December 31, 2016. The homeowner is able to take the credit all in one year or can spread the credit over as many as 5 years. There is also no cap on the incentive amount for Geothermal heat pumps.”
He directed me to take a look at the IRS’ more detailed breakdown www.irs.gov to see exactly what form gets used.
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