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
In February 2018, the 30 percent Federal tax credit for geothermal heat pumps was reinstated through 2019 and can be applied to retroactive installations placed in service on January 1, 2017, or later.
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.
It's recommended you consult your accountant or tax advisor to determine your potential tax savings.