Side-by-side comparison of these two energy incentive programs. See which one offers better savings for your situation.
| Feature | Electric Panel Upgrade Credit | Geothermal Heat Pump Tax Credit |
|---|---|---|
| Type | Tax Credit | Tax Credit |
| Category | Electrical | HVAC / Heat Pumps |
| Amount | 30% up to $600 | 30% |
| Max Amount | $600 | No cap |
| Level | Federal | Federal |
| Eligibility | Existing homes. Must be done to enable electrification improvements. | Homeowners (new or existing homes, primary or secondary residence). |
| Applies To | Homeowners | Homeowners |
| Location | Nationwide | Nationwide |
| How to Claim | File IRS Form 5695. | File IRS Form 5695 (Residential Clean Energy Credit, not Home Improvement Credit). |
| Expiration | Available through 2032 | 30% through 2032, 26% in 2033, 22% in 2034 |
30% tax credit for electrical panel upgrades (200+ amp) needed to support electrification. Includes panel, sub-panel, branch circuits, and feeders.
Official source →30% tax credit for geothermal heat pump systems with no upper limit. Covers equipment and installation costs for ground-source heat pumps meeting ENERGY STAR requirements.
Official source →