In 2018, Department of Energy passed a Federal Tax Incentive for geothermal ground source heat pumps called the Investment Tax Credit (ITC). In the form of personal tax credits, these incentives save Dandelion customers thousands of dollars.
As a New York State homeowner, you qualify for the New York State Energy Research and Development Authority (NYSERDA) New York State Clean Heat Program. The State of New York and the 6 electric utilities that serve New York State have allocated substantial funding for ground source heat pump installations. Dandelion is an approved Participating Contractor in the program.
In 2020, the federal tax incentives known as the Investment Tax Credit (ITC) will cover 26% of a Dandelion geothermal system. However, the percentage covered by the ITC will decrease next year with tax credits covering 22% of a ground source heat pump system in 2021, and potentially 0% in 2022.SEE IF YOUR HOME QUALIFIES
New York State's Clean Heat Program is administered by the homeowner’s utility. Let’s go over some important details to explain how these incentives are allocated.
Each utility has a unique incentive.
The incentive amounts are based on the installed heat pump’s total heating capacity BTUH.
A geothermal heat pump containing a desuperheater qualifies for an additional incentive.