Federal Tax Credits of 26%*

The Energy Improvement and Extension Act of 2008 provides a tax credit of 26% to homeowners who install a geothermal system on their property. The property must be residential property, but does not need to be the primary residence. The 26% tax credit counts toward the heat pump, ground loop, related equipment, and all labor costs including any other plumbing, wiring and/or ducting needed to make the system work. The system must meet or exceed current Energy Star requirements. This legislation is good for installations placed into service from 1/1/2021 through 12/31/2022.

Energy Rebates

There are also rebate programs through energy companies like Duke Energy and other utility corporations, including Jones Onslow EMC and Four County EMC. By installing a qualifying Geothermal HVAC unit you can get a $50 – $400 rebate check!  For more information see:

Duke Energy

Jones Onslow Electric Membership Corporation

Four County Electric Membership Corporation

*Always consult your accountant or tax professional to make sure you qualify