Congress Reinstates Federal Geothermal Heat Pump Tax Credits
The reinstated GHP tax credits are retroactive to Jan. 1, 2017, and extend to Jan. 1, 2022
WASHINGTON — The U.S. geothermal heat pump (GHP) industry scored a victory for its workforce and its employers today as Congress approved federal legislation that included the extension of federal tax credits for residential and commercial GHP installations. The measure was included in the $320 billion, two-year continuing resolution (CR) budget deal that will continue to fund the government.
The reinstated GHP tax credits are retroactive to Jan. 1, 2017, and extended to Jan. 1, 2022. The bill changes an important consideration for commercial geothermal heat pump projects, making them eligible if commenced by Jan. 1, 2022, rather than using a placed-in-service deadline.