Federal Tax Incentive For Massachusetts
- 30% Tax credit for new geothermal heat pump systems
- Systems must be placed in service from January 1, 2009, through December 31, 2016. (Only applies to those who have geothermal pumps at their primary residence)
- The geothermal heat pump must meet the requirements of the Energy Star Program.
Financial Tax Incentive. Renewable Energy Equipment Sales Tax Exemption
Amount of credit: 100% exemption
Massachusetts Tax Form ST-12
Utility Rebate Program
Many utility companies offer rebate programs for those who have a permanently installed geothermal pump done by a licensed company.
Local Incentives
Often many towns offer incentives as well on property taxes. Checking with local authorities and discussing the tax breaks may be worthy investigation although sometimes challenging to discover. Don’t always accept no as an answer and look for written town policies not verbal. Often is easier for towns to say no vs discovering the real answers written in there policies.