EnergySmart is well-versed in the currently available incentives for residential geothermal heat pump installations. We will guide you through the paperwork for the various federal, state, and municipal incentives for which you may qualify. In some cases, we will even do the paperwork for you!
The first step is to see if your property is a good fit for geothermal heating and cooling.
Mass Save 0% Heat Loan
The Mass Save Heat Loan Program provides customers the opportunity to apply for a 0% loan from participating lenders to assist with the installation of qualified energy efficient improvements in their homes. The Mass Save Heat Loans are available for up to $25,000 (depending on utility) with terms up to 7 years. To apply for the Mass Save Heat Loan, the customer must own a one-to-four-family residence and obtain a Mass Save Home Energy Assessment. Not all municipal power providers participate in the program. Please visit the Mass Save website to see if you are eligible.
Mass Save Geothermal Heat Pumps Rebate Program
Mass Save is offering a rebate of up to $15,000 per household to eligible homeowners who install ground source heat pumps to replace oil, propane, electric resistance, or gas heating systems. The rebate is valid for systems installed between January 1, 2022 to December 31, 2022. Whole-home and partial-home rebates are available. The geothermal heat pump installer must be listed on the Mass Save Heat Pump Installer Network list.
Mass Save All Electric Home Incentive
Mass Save is offering up to $25,000 for new construction single family homes that reach certain performance thresholds which can be partially achieved with geothermal heat pumps. Consult with a HERS rating company approved by Mass Save to qualify.
The U.S. Government was offering a 30% federal tax credit (no cap) for the purchase and installation of residential geothermal heat pump systems. The 30% tax credit is valid through December 31, 2032. On January 1, 2033, the tax credit reduces to 26%. On January 1, 2034, the tax credit reduces to 22%. On January 1, 2035, the tax credit reduces to zero.
Provide receipts to your tax preparer and have them complete IRS Form 5695 at tax time to receive your tax credit for 2022 through 2034.
All geothermal systems installed in Massachusetts are eligible to earn Alternative Energy Credits (AECs) through the Massachusetts Department of Energy Resources (MA DOER). If the heating capacity of the geothermal system is less than 132,000 Btuh, then the number of AECs earned is simply calculated based on the size of the building. The minimum number of AECs that can be earned is 230. For every square foot over 1,500 and additional 0.158 AECs per square foot is earned. Additional information about the State regulations pertaining to this program, please visit this link. Please visit our blog post for additional information about how to earn Alternative Energy Credits.
Address: PO Box 304 Medford, MA 02155
Tel: (617) 955-0063 | Fax: (617) 977-8982
Email: [email protected]
Copyright © 2023 Energy Smart Alternatives. All Rights Reserved. | Website by Compete Now
