Tax Credits & Incentives

Real Customer Cost Savings

Glens Falls GeoThermal Heat Pump Installation

Real Customer Savings of ~67%

The Scenario:

Thermal Associates recently completed a high-efficiency geothermal installation for a residence in Hudson Falls, NY. This project features a WaterFurnace 5 Series heat pump system, designed to deliver outstanding comfort and energy savings—without the need for traditional ductwork.

LEARN MORE ABOUT GEOTHERMAL

Cost Savings Breakdown:

Contract Price: $ 36,850


NYS Clean Heat Rebate: -$8,925


Approx. Federal Tax Credit: - $11,055


25% NY State tax credit: - $5,000

Net Price:

$ 11,870
Savings of $24,980!

A person is putting a coin into a piggy bank.

30% FEDERAL TAX CREDIT

Residential Customers


On August 15, 2022 the Inflation Reduction Act (IRA) was signed into law extending the federal tax credit for geothermal heat pumps in the residential sector. Credits have been extended to December 31, 2032. For 2022 to 2032 the credit is 30% and in 2033 the tax credit will be 26% and 2034 will be 22%.

MORE INFO >
An aerial view of a river running through a lush green forest.

25% NYS GEOTHERMAL TAX CREDIT

Residential Customers with a cap of $5,000


In the NYS Budget passed in April of 2022, a NYS Income Tax Credit of 25% with a cap of $5,000 was put in place for qualified residential geothermal heat pump systems. To be eligible the residence needs to be in NYS and is the taxpayer’s primary residence at the time the geothermal energy system is placed in service.

MORE INFO >
A close up of a sand dune with a shadow on it.

GEOTHERMAL NYS CLEAN HEAT REBATE

Electric Utility Programs


The rebate amount available to each project depends on the project size and the heat pumps capacity. Typical residential projects get $1,500 per 10,000 BTU of the heat pump capacity. So a typical 4 ton residential system will qualify for about $6,000. Rebates are mailed directly to the homeowner with 6-8 weeks of project completion. 

MORE INFO >

NATIONAL GRID HVAC HIGH-EFFICIENCY

Residential Gas Rebates


Save energy at home with natural gas space and water heating rebates. Older equipment uses more energy to run and keep you comfortable. New equipment can reduce your natural gas usage and help decrease your utility bills. Rebates are available for furnaces, boilers, combination boiler-water heater, energy recovery ventilators (ERV), and smart thermostats.

MORE INFO>

30% FEDERAL TAX CREDIT

Residential Customers


On August 15, 2022 the Inflation Reduction Act (IRA) was signed into law extending the federal tax credit for geothermal heat pumps in the residential sector. Credits have been extended to December 31, 2032. For 2022 to 2032 the credit is 30% and in 2033 the tax credit will be 26% and 2034 will be 22%.

MORE INFO >

25% NYS GEOTHERMAL TAX CREDIT

Residential Customers with a cap of $5,000


In the NYS Budget passed in April of 2022, a NYS Income Tax Credit of 25% with a cap of $5,000 was put in place for qualified residential geothermal heat pump systems. To be eligible the residence needs to be in NYS and is the taxpayer’s primary residence at the time the geothermal energy system is placed in service.

MORE INFO >

Request a Quote!

We are happy to explore all your options for your next heating and cooling projects, both new construction and retrofit. We will analyze your goals and provide you with an estimate outlining the products available, at what cost and the return on investment.

Incentives Contact Form