These are exciting times my friends. If you have been thinking of greening up your heating system and making it more efficient, this scenario is just too good to pass up.
The tax credit cap was lifted on Geothermal Heating and Cooling Systems and their loops for the first time in history. Because of the American Recovery and Reinvestment Act of 2009 Geothermal systems can receive a 30% tax credit if placed in service before December 31, 2016. Previously the geothermal tax credit had been limited to $2000.
This is a real tax credit not a deduction. A tax credit reduces tax owed dollar-for-dollar –while a tax deduction only removes a percentage of that owed tax. There has never been a better time to invest in Geothermal Heating and Cooling Technology.
An investment is the only way we can describe this particular scenario. Geothermal Heating and Cooling Systems achieve Energy Efficiency Ratings in the 30′s. When you consider the return on investment in energy savings (up to 50% or more) coupled with geothermal tax incentives, you cannot afford to put your money anywhere else!
Join us as in our future posts we explore the world of geothermal heating and cooling and how homeowners can make this green technology work for them. For more than 15 years we’ve been installing geothermal loop and we are VERY excited about the future.
Here in the northeast, as the building economy begins to recover, we are seeing a surge in interest in geothermal systems. The ongoing 30% tax credit makes this type of system affordable to a lot more folks!