New Legislation Helps NY Homeowners Fight Climate Change at Home, Including New York Geothermal Tax Rebates
Dandelion Energy, the nation’s leading home geothermal company, celebrates the passing of the New York state budget, which includes a new tax credit for residential geothermal heat pump installations in New York.
Details of the New Geothermal Tax Credit
The new geothermal tax credit is available for any system installed after January 1, 2022. Homeowners can carry the tax credit forward for five years, as long as their New York income tax liability is less than $5,000. When coupled with the 30% federal tax credit and rebates by New York’s utilities, geothermal systems are now significantly more affordable for New York homeowners.
After gas prices rose by up to 50%, the geothermal tax credit helps New Yorkers switch to cleaner energy. This is especially important for the 25% of New York households using heating oil and other petroleum products to heat their homes.
Support Behind the Legislation
Senator Tim Kennedy, Assembly Member Jon Rivera, and 47 colleagues sponsored the geothermal tax credit bill. Supporters statewide called, emailed, and testified to push for relief from fossil fuels and high energy bills.
“Geothermal offers a climate-friendly, efficient way to heat and cool homes. This tax credit makes them more affordable for New Yorkers,” said Senator Kaminsky, Chair of the Environmental Conservation Committee. “Reducing the cost will encourage local, green job growth while helping New York achieve its climate objectives.”
Doreen M. Harris, President and CEO, NYSERDA said, “Under Governor Hochul, New York is committed to pursuing ambitious and urgently-needed climate and building decarbonization priorities, and has set a nation-leading goal of two million electrified and efficient homes statewide by 2030. These tax incentives make geothermal more affordable, helping New Yorkers to heat and cool their homes without burning fossil fuel.”
Making Geothermal More Accessible for Homeowners
“Homeowners are looking for cleaner, sustainable, more affordable ways to heat and cool their homes. Geothermal provides a cost-effective solution, but the upfront costs were a barrier,” explained Michael Sachse, CEO of Dandelion Energy. “This law helps change that equation. Thanks to the geothermal tax credit, more families will be able to afford clean, efficient geothermal heating and cooling.”
Founded and operating in New York, Dandelion helps the state’s energy transition to reach carbon neutrality by 2050.
