Geothermal Tax Incentives and Credit Resources
This page is a guide only providing links and information about the IRA and NYS programs.
IGSHPA January Dig Deeper
The January 24 webinar featured Ryan Dougherty, Executive Director of GeoExchange Organization and Jacob Goldman, Vice President of Energy Tax Savers.
Ryan provided an overview of GEO’s advocacy efforts in DC focusing on protecting federal tax incentives for the geothermal industry. Jacob helped us dig deeper into the federal incentives and use his expertise to help answer any questions you may have.
Jump to 7:25 of the recording to hear from Ryan and Jacob - Worth a listen.
NYSERDA Guide to Inflation Reduction Act Savings
This overview found on the NYSERDA site will assist in understanding how the IRA incentives work including tax credits and rebates.
Cutting Business Energy Costs for a Greener Future
Though much of the Inflation Reduction Act (IRA) focuses on consumer savings, the legislation also lowers the cost for businesses to invest in clean energy and energy efficiency.
The IRA helps small businesses, multifamily housing developers, and commercial entities get the latest clean energy technologies and equipment that will save energy for years to come. The financial benefits of the IRA can be enhanced with New York State incentives and programs, helping New York businesses use less energy, save more money, and contribute to a cleaner, healthier planet.
| Geothermal Heat Pumps | 30% tax credit (6% base rate with an additional 24% for meeting labor standards  )Up to 10% tax credit for domestic content bonusUp to 10% tax credit for energy community bonusUp to 10% tax credit for low-income community bonusUp to $5 per square foot energy-efficiency tax deduction 5-year accelerated depreciation and a 1-year bonus depreciation | Funding for site-specific heat pump studies Programs and incentives available |
IRA Guide for Nonprofits and Municipalities
New York residents and businesses are now eligible for energy-related savings through the Inflation Reduction Act (IRA) which was passed by the federal government in 2022.
CLICK HERE to learn more
NYS Clean Heat also provides rebates for ground source heat pumps, which are eligible for a 30% IRA tax credit and 25% New York State income tax credit. Heat pump systems are being installed more frequently across New York and the U.S., with national heat pump sales surpassing gas furnaces in 2022.
WaterFurnace Federal Tax Incentives
Commercial Geothermal Heat Pumps
Commercial Federal tax Incentive produced by WaterFurnace.
ClimateMaster IRA 2023
Commercial Geothermal Tax Guide 2023
Produced by ClimateMaster as a tool to better understand the commercial federal tax credits and incentives.
ClimateMaster Commercial Federal Tax Incentive Brochure_2023
Waterless Geothermal IRA Tax Guide
Produced by Waterless Geothermal
Rewiring America
A variety of helpful links on Rewiring America's site - NY-GEO is grateful to be able to share their links here. Be sure to visit their full website and prepare to be electrified!
IRA Implementation video presentation, NY-GEO Board Member Heater Deese reviews geothermal at 10:00.
Rewiring America IRA Calculator
Rewiring America IRA Fact Sheets
Including: 25C and 25D | Electrification Rebates | What the IRA Means for Contractors and Electrification | What the IRA Means for Heat Pump Manufacturers