Your Home’s Geothermal Heat Pump May Qualify For A Tax Credit

Your Home’s Geothermal Heat Pump May Qualify For A Tax CreditThere’s good news for homeowners installing a GeoThermal heat pump for heating and cooling their homes: Federal tax credits are available through the year 2016, and they’re generous. In fact, if you’re set to install a GeoThermal heat pump, you’d be foolish not to take advantage of them.

Here’s what Florida homeowners need to know about qualifying for GeoThermal tax credits:

  • The credit offered at the federal level is set at 30 percent of the cost of the equipment.
  • Installation costs are also included.
  • You must install the equipment by December 31, 2016.
  • There’s no limit on the total cost of the system to which you can apply the credit.
  • A variety of residency scenarios qualify for the tax credits, including primary and secondary homes, as well as existing homes and newly constructed ones. The only restriction? If you own a rental home, it doesn’t meet the guidelines.
  • Efficiency guidelines apply to every GeoThermal heat pump installed, so you’ll need to work with your contractor to select a system that meets energy efficiency ratio (EER) and Coefficient of performance (COP) standards—the two efficiency ratings for GeoThermal systems.
  • All types of GeoThermal installations qualify, including low grade GeoThermal and water-to-water.
  • The GeoThermal unit must use thermal energy (from the ground or ground water) for heating or it can use the ground as a heat sink for cooling—or both.
  • The system doesn’t have to also supply hot water for the home, though that was a requirement for systems purchased prior to 2009.
  • In order to access the tax credits, you must purchase an Energy Star-qualified system, as it will meet the tax credit program’s guidelines. Buying a system that only meets the government’s minimum standards may not net you a system that qualifies for tax credits.
  • Most HVAC contractors will know how to help homeowners access and apply for the tax credits.

Get the help of the experts at Symbiont Service Corp., Florida’s leading GeoThermal heat pump experts. We can size and install your new system, as well as help you navigate tax credit guidelines. We’ve been assisting Florida homeowners, aquatic parks, business, schools and condominium associations since the 1980s.

Our goal is to help educate our customers in Englewood, Florida and surrounding areas about energy and home comfort issues (specific to HVAC systems).  For more information about geothermal heat pumps and other HVAC topics, download our free Home Comfort Resource guide.

Image courtesy of Shutterstock

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