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Tax Credits for Geothermal Heat Pumps: Boosting Green Heating Solutions

This bill modifies tax credits to align support for geothermal heat pumps with other renewable energy technologies. This means individuals installing geothermal heat pumps may qualify for larger tax deductions, reducing upfront costs and encouraging the adoption of more environmentally friendly heating systems in homes and businesses.
Key points
Increased tax credits for installing geothermal heat pumps, potentially lowering purchase and installation costs.
Support for eco-friendly heating systems, contributing to reduced energy consumption and emissions.
Credits will gradually decrease in future years, so earlier installation may yield greater benefits.
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Additional Information
GET Parity Act
Print number: HR 3920
Sponsor: Rep. Suozzi, Thomas R. [D-NY-3]
Process start date: 2021-06-15