REBATES
Financing & Rebates
Dailey Electric, Inc. has partnered with EnerBank and Regions Bank for financing options. We understand that the costs and services can be significant for some systems, which is why we have decided to partner with lenders who understand the benefits of energy-efficient HVAC home systems.
Call us today and we can help you get started. Financing is available for those who qualify. Learn more about the rebates our federal and state governments are offering to help you save money.
SCHEDULE AN APPOINTMENT
Tax Credit
Dailey Electric, Inc. can help you qualify for a 30% Geothermal Federal Tax Credit, which can save you thousands on installing a system and makes geothermal more affordable than ever. If you are replacing a conventional heating and cooling system, be sure to get a quote for geothermal.
The following Residential Clean Energy Tax Credit amounts apply for the prescribed periods:
- 30% for property placed in service after December 31, 2021, and before January 1, 2033
- 26% for property placed in service after December 31, 2031, and before January 1, 2034
- 22% for property placed in service after December 31, 2033, and before January 1, 2035
A New York State tax credit of 25% up to $5000.00 is also available from January 1, 2023, to December 31, 2023.
We cannot offer tax advice to customers, but we are glad to share what we know. Please consult with a tax professional to understand your individual benefits.
NYSEG rebates for full and partial load heating are also available. Ask Dailey Electric for more information about this rebate.
Learn more about the financing we offer through EnerBank.
Tax Credit Eligibility
Geothermal heat pump products that are eligible for federal tax credits must use the ground or groundwater as a thermal energy source to heat or cool a home, AND must be ENERGY STAR certified. Also, an expenditure for qualified geothermal heat pump property installed on or in connection with a taxpayer’s residence may be eligible for federal tax credits.
TAX CREDIT HIGHLIGHTS
- There is no maximum credit for the federal tax credit. You get the true percentage based on the year you install the geothermal HVAC system. It is a direct reduction of your taxes. (See example below.)
- Systems must be placed in service on or before December 31, 2023
- The geothermal heat pump must meet federal ENERGY STAR criteria. All geothermal systems that we install meet these criteria
- The tax credit can be taken on any home served by the geothermal system
- Can be combined with energy efficiency upgrade tax credits
- Can be carried forward if you don’t have enough tax liability to use the entire credit in one year
- The tax credit can be used to offset both regular income taxes and alternative minimum taxes
- A taxpayer will not receive a tax refund for any amount that exceeds the taxpayer’s tax liability for the year
The tax credits are administered by the IRS. Please contact the IRS with your question:
www.irs.gov/contact
2022 IRS Form 5695 form and Instructions.
Geothermal tax credits are available for existing homes and new construction, including principal residences and second homes. Rentals are not eligible. The credits are only available to dwelling units located in the United States and used as a residence by a taxpayer. It does not have to be the principal residence, but it has to be a residence. Eligible residences include houses, houseboats, mobile homes, cooperative apartments, condominiums, and manufactured homes.