Geothermal Tax Incentives and Credit Resources

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.

NYSERDA Guide to the IRA

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.

NYSERDA - IRA Business Guide

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  bonus Up to 10% tax credit for energy community  bonus Up to 10% tax credit for low-income community  bonus Up 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.

Clean Heat Pump Program