Tax Credits and Rebates Drastically Reduce Overall Geothermal Cooling Costs
For years, the federal government has been offering tax credits for Earth-friendly consumer choices, such as hybrid cars and geothermal cooling systems. While none of us look forward to doing our taxes (okay, accountants probably do!), it is important to gather as much information about potential tax credits as you can.
Below, Comfort Services outlines tax credits that you could be eligible for when you have a geothermal cooling system installed at your home.
Residential Energy-Efficient Property Credit
This is a 30% tax credit for the installation of a ground source heat pump, which is a component of standard geothermal cooling and heating systems. The qualified geothermal heat pump property must be installed in connection with a new or existing dwelling unit located in the United States that is used as a residence by the taxpayer. (In other words: you have to install it at and use it for your home.) Plus, if the tax credit exceeds your income tax liability, the remaining balance can be carried forward into future years. This tax credit has no cap, and will be available through the end of 2016.
Depending on your new geothermal cooling system's energy efficiency, federal tax credits of $300 and South Carolina Electric & Gas rebates of up to $525 are also available. At Comfort Services, we can help you find a system that meets these efficiency requirements. And since higher energy efficiency saves you even more money on a month-to-month basic, you could eventually put even more money back in your pocket!
Your savings can really add up when you decide to install an efficient geothermal cooling system on your property. The Comfort Services team will gladly discuss your best system options that qualify for tax credits and local rebates. Always speak with a qualified tax professional for complete details. Call Comfort Services for 24/7 geothermal cooling service at 803.772.4490.