Rebates from Iowa Lakes Electric Cooperative and tax credits are available for replacing your old heating and cooling (HVAC) equipment.
When you switch to electric heating from Iowa Lakes Electric Cooperative, you'll really save! Our program offers an incredible 3.716¢/kWh credit for electricity used to heat your home October-April! Compare your savings with any other method of heating available, and you'll see why more and more member-owners choose an electric heat pump.
Geothermal Tax Credits
There is a 30 percent Federal tax credit for geothermal heat pumps through 2019. To save the most on your installation, you'll want to act fast as the geothermal credit is set to decrease each year through 2021. The credit will drop to 26 percent in 2020 and 22 percent in 2021.
Geothermal heat pumps installed on residential property in Iowa are eligible for a tax credit equal to 20 percent of the Federal tax credit. With the Federal tax credit set at 30 percent of the installation cost until the end of the year, the state tax credit is currently equal to 6 percent of the installation cost. This state tax credit can be applied retroactively to January 1 of 2019.
It's recommended you consult your accountant or tax advisor to determine your potential tax savings.