The Savings Pile Up When You Choose Geothermal Heating and Cooling Options
You already know that investing in a geothermal heating and cooling system is good for the environment. But another one of the coolest things about installing alternative energy devices at your home is the amount of money they can save you - and we're not just talking about your electric bill. There are tax incentives available to those who install geothermal heating and cooling systems in their home - check out the information below to ensure you get the tax credits you deserve.
The Residential Energy-Efficient Property Tax Credit is a 30% credit for the installation of a ground source heat pump (otherwise known as a geothermal heating and cooling system) is available through the end of 2016. The Tax Credit may be claimed for spending on qualified geothermal heat pump property installed at a new or existing dwelling unit located in the United States and used as a residence by the taxpayer.
This tax credit can be used to offset both regular income taxes and alternative minimum taxes. If the tax credit exceeds the income tax liability, the remaining balance can be carried forward into future years. Plus, the Federal HVAC Credit (25C) offers a tax credit of up to $300 for the solar-ready heat pump or air conditioner.
There are several opportunities to save on your new geothermal heating and cooling system installation through tax credits and rebates. Based on your new system's energy efficiency, Federal Tax Credits of $300 and rebates of up to $525 are available. Our team will gladly discuss the system options that qualify for Federal Tax Credits and local rebates.
If you are interested in getting an estimate for a new geothermal heating and cooling system, call Comfort Services for 24/7 service at 803.772.4490.