Have You Heard of These Geothermal Tax Credits?
Geothermal tax credits are back. That’s good news for anybody who is looking to go green in their home.
Today I’d like to introduce you to Mike King, our A/C and pool heating energy consultant. He’s also the head of our Air Conditioning division. We have some exciting news to share, so let’s get right to it.
The federal tax credit is back! Here’s what that means for you. The tax credit on geothermal heat pumps and other renewable energy technologies is here for at least a few more years after we thought we lost it for good in 2016.
Legislation passed by Congress on Feb. 9 reinstated the residential income tax credit at 30% of the installed cost. This will continue through 2019 before dropping to 26% in 2020 and 22% for 2021 and ending on December 31, 2021. For commercial properties, the tax credit is 10%. These credits are retroactive back to Jan. 1, 2017.
Anybody can take advantage of this credit as long as they installed qualified equipment. As long as the geothermal materials are Energy-Star rated by the government, they will qualify. All of the equipment we install is Energy-Star rated. There are more systems out there that won’t qualify than will.
When it comes down to it, the life expectancy, the electrical savings, the humidity removal, and a 30% tax credit is tough to pass up when you know it’s making your home (and the world) a better place.If you have any additional questions or want more information, head on over to our website or give us a call or send us an email. We look forward to hearing from you.