Geothermal Tax Credits Expiring SoonGeothermal
Did you know that if you install a qualifying geothermal heating and cooling system in your Lexington home, you could be eligible to receive a tax credit worth 30 percent of your investment? Congress passed the Energy Policy Act of 2005 which first issued this credit, and the geothermal tax credit was extended with the Energy Improvement Extension Act of 2008.
Unfortunately, the extension only covers systems installed by December 31, 2016. Currently, there is no extension slated, so if you wait to install a geothermal heating and cooling system, you could miss out on this incentive, worth thousands.
If recouping 30 percent of your investment via tax credit sounds like a good deal to you, now is the time to take action! If your geothermal system is installed by the end of the year and meets the ENERGY STAR guidelines at the time of installation, you could qualify. Existing homes as well as new construction residences are eligible, and the residence must be your primary or secondary residence; rental properties are not eligible.
The geothermal tax credit is a really outstanding program, as there is no upper limit on the amount you can claim. You are allowed to claim 30 percent of eligible costs, no matter the total. The tax credit program for other energy efficient HVAC systems isn’t as generous, capping the credit at $500.
Before purchasing a geothermal heating and cooling system for your home, consult your tax professional to make sure you meet the qualifications to claim the credit. While we cannot consult on your individual tax situation, we can help you choose a qualified system and provide you with skilled installation.
Don’t miss out on the opportunity to lower your energy costs with a geothermal heating and cooling system, and lower your overall installation costs with the geothermal tax credit! Call Climate Control to learn more.
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