Tax Credits & Incentives

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.

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!

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.

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.

GEOTHERMAL NYS CLEAN HEAT REBATE

Residential Customers up to $25,000

NYS offers rebates when you upgrade to cleaner heating systems. Cold climate air source heat pumps qualify for $2,000–$12,000, while geothermal (ground source) heat pumps can earn up to $25,000 for eligible homeowners. Adding a heat pump water heater brings an extra $1,250, and a desuperheater on a geothermal system adds another $100.