Save Money With Geothermal Tax Credits & Rebates

Learn More About Savings for Homeowners in Northern Kentucky,  Cincinnati & Lexington

If you’re ready to replace your aging HVAC system, it’s a great time to consider a geothermal HVAC system. These systems provide heating and cooling using the earth’s temperature and are incredibly energy-efficient. Thanks to federal tax credits and local state incentives, your new geothermal heat pump may be more affordable than you think.

The 2022 Inflation Reduction Act aims to lower energy costs, promote clean energy, and reduce carbon emissions. It increased the geothermal tax credit from 26% to 30%, effective Jan. 1, 2023. It will be available through 2032, when it will gradually decrease before expiring in 2034.

The knowledgeable comfort consultants at Arronco Comfort Air can help you determine which system is both eligible for these cost savings and right for your home. We’re the region’s leader in geothermal systems and we offer expert geothermal system installation throughout northern Kentucky, Cincinnati, and Lexington.

Contact the Arronco team to learn more about our geothermal heating systems today.

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What Rebates & Credits Are Available?

There are several tax credits and rebates available to homeowners for heat pumps and geothermal heat pump systems. If you have questions about specific systems or your eligibility, the Arronco team can help.

Inflation Reduction Act Tax Credits

As of Jan. 1, 2023, Residential Clean Energy Tax Credits of these amounts are available for homeowners living in the U.S. who upgrade to ENERGY STAR®-certified equipment:

  • 30% after Dec. 31, 2021, and before Jan. 1, 2033
  • 26% after Dec. 31, 2032, and before Jan. 1, 2034
  • 22% after Dec. 31, 2033, and before Jan. 1, 2035

For your geothermal heat pump to qualify, it must use the earth or groundwater as a thermal energy source to heat your home or as a sink to cool your home while also being ENERGY STAR certified. Existing homes and new construction residences qualify, including second homes, but rental properties are not eligible.

Duke Energy Rebates for Kentucky Residents

Kentucky homeowners can save an additional $500 on a new geothermal heat pump system with a rebate from Duke Energy. To qualify, systems must have a SEER rating of at least 18.

How To Claim Your Credit

To ensure you receive your federal tax credit, you’ll need to file Form 5695, Residential Energy Credits when you file your taxes. The credit should be claimed for the tax year when your geothermal system was actually installed.

If you have further questions about claiming your credit, a tax professional can help.

The Additional Money-Saving Benefits of Geothermal HVAC Systems

Geothermal heat pumps have many benefits, especially if you’re currently using a furnace to heat your home:

  • Energy efficiency: It’s estimated that a geothermal heat pump can reduce your family’s energy usage by more than 40% compared to air-source heat pumps and more than 70% compared to electric HVAC systems.
  • Lower energy costs: Geothermal systems don’t need gas, oil, propane, or coal as a fuel source, so they’re much more cost-effective and cleaner to run.
  • Longer life span: With proper maintenance, you can expect your heat pump to last at least 20 years while geothermal loops could last as long as 50 years.

With all these benefits and savings, you can expect your geothermal system to more than pay for itself over its life span.

Arronco Comfort Air Is Here To Help You Save

Family-owned and -operated, Arronco provides quality services and products for an unmatched customer experience. We know how important it is to keep your family comfortable and safe with a reliable heating and cooling system.

That’s why we offer regular coupons and specials, financing options, and a convenient maintenance plan to make energy-efficient systems affordable for any household.

Schedule geothermal heat pump installation with our team to ensure your HVAC system is energy-efficient and reliable for years to come.

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