Efficiency Maine is currently offering a $3,000 Rebate!
There are several advantageous tax credits for energy efficient systems and Geothermal. At Gagnon, we want you to be aware of the many benefits of geothermal energy – beyond the environmentally friendly advantages for our planet; there is now Federal stimulus available in the form of tax credits for residential projects, both new and upgrades, and commercial projects via tax credits, grants or accelerated depreciation.
For residential applications, geothermal heat pump systems (new, retrofit, primary and non-primary residences) are eligible for a 30% tax credit with no cap through December 31, 2032. The 30% residential tax credit has the effect of making geothermal systems cash flow positive at today’s energy prices in virtually every market.
For commercial projects, there is a 10% federal tax credit or grant and 5 year accelerated depreciation.
For non-profits and municipal projects, 10% grants are available in lieu of tax credits.
For the latest updates on GEO qualifications on residential projects, visit the Government Energy Star website
Maine links for Tax Credits, Rebates, and Energy Efficient Loans available.
Efficiency Maine Credits, Loans and Rebates
Efficiency Maine Program Manager: Shirley I. Bartlett, 18 State House Station Augusta, ME 04333-0018, Ph:: 207-287-3318, Fax: 207-287-1039
Some additional helpful links for Residential Geo Thermal Tax Credits
Energy Star on Geothermal Requirements (PDF)
Database of State Incentives
Federal links for Geothermal Energy Tax Credits
Renewable Energy World.com
USDA Energy Efficiency Rebate Program for Rural Projects
