geothermal tax credit new york
This Act made new geothermal plants eligible for the full federal production tax credit previously available only to wind power projects and certain kinds of biomass. For example a fuel cell with a 5 kW capacity would qualify for 5 x 1000 5000 tax credit.
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Clean heating and cooling technologies such as heat pumps are making it possible for homes to stay comfortable year-round save energy and reduce their carbon footprints.
. Most importantly it no longer phases out the 7500 tax credit once automakers sell 200000 EVs. In New York State conventional heating and cooling systems are responsible for 37 percent of energy consumption and 32 percent of greenhouse gas emissions. The maximum tax credit for fuel cells is 500 for each half-kilowatt of power capacity or 1000 for each kilowatt.
It also includes a new 4000 tax credit for used EVs for households with an annual income below 150000 and individuals who make below 75000. The EIA rates new geothermal plants as having a 92 capacity factor comparable to those of nuclear 90 and higher than gas 87 or coal 85. That means automakers from Chevy to Tesla are suddenly back in the tax credit game.
There is no upper limit on the amount of the credit for solar wind and geothermal equipment.
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