Use the Energy From the Earth to Heat and Cool Your Home
The PSEG Long Island ground source heat pump rebate is now $1,000 or $2,000 per ton depending on the efficiency level of the equipment. In addition, we aligned our requirement to match ENERGY STAR®. These changes more than doubled a three ton ground source heat pump system rebate from $1,200 to $3,000 (or from $1,600 to $6,000 for tier 2 systems).
Residential Energy Efficiency Property Credit
Your energy efficient geothermal systems may also qualify for a federal tax credit. The Bipartisan Budget Act of 2018 reinstated the residential renewable energy tax credit for renewable technology including ground source heat pumps. You may claim a tax credit of 30% for qualifying systems, by using IRS Form 5695 . Please consult with your tax accountant and your ground source heat pump installer for more details.
There is also a New York State income tax credit for 25% of the geothermal project cost, capped at a maximum credit of $5,000. The details are in Section 606 (Credits against tax), Subsection (g-4) Geothermal energy systems credit.
Have your geothermal system properly installed by one of our geothermal installation partners.
For Geothermal Contractors
Please see the following geothermal documents: