The MHFA Fix-up Fund provides low-interest loans for energy conservation and basic improvements for residential homeowners in Minnesota. The loans range from $2,000 to $35,000 depending on what type of projects the homeowner takes on. The maximum loan terms range are 10 or 20 years depending on the amount.

To qualify for this loan, your income must be at or below $96,600 and you must own and occupy the home where you would install the new system. EnergySavvy was unable to find specific information on whether or not geothermal heat pumps qualify on the program website; however, it does say that energy saving measures qualify, and installing a geothermal heat pump is generally considered an energy saving measure.

If you do install a geothermal heat pump, you should be sure to take advantage of the federal Residential Renewable Energy Tax Credit available through 2016. This credit is equal to 30 percent of the cost of a new geothermal system with no upper limit. In order to receive this credit, you will need to owe money on your federal tax returns.