Side-by-side comparison of these two energy incentive programs. See which one offers better savings for your situation.
| Feature | Used EV Tax Credit | Geothermal Heat Pump Tax Credit |
|---|---|---|
| Type | Tax Credit | Tax Credit |
| Category | Electric Vehicles | HVAC / Heat Pumps |
| Amount | Up to $4,000 | 30% |
| Max Amount | $4,000 | No cap |
| Level | Federal | Federal |
| Eligibility | MAGI under $75K (single) or $150K (joint). Sale price under $25,000. Must buy from licensed dealer. One credit per vehicle lifetime. | Homeowners (new or existing homes, primary or secondary residence). |
| Applies To | Vehicle buyers | Homeowners |
| Location | Nationwide | Nationwide |
| How to Claim | File Form 8936 or transfer to dealer at point of sale. | 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% of sale price (max $4,000) for qualifying used EVs purchased from a dealer. Vehicle must be at least 2 model years old.
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 →