We live in a time when conserving natural resources is becoming increasingly important.…
One of the primary factors your contractor will evaluate when he's installing a geothermal…
St. Louis Geothermal Contractor
Hoffmann Brothers St Louis Geothermal
4301 Lafayette Avenue
St. Louis MO 63110
Geothermal Tax Credits
The purchase of a geothermal heat pump system for your Tennessee home can help you save more than just on utility bills due to available tax credits.
The Environmental Protection Agency (EPA) has confirmed the superior efficiency of geothermal, finding that even on a source fuel basis geothermal systems average:
Today's best geothermal systems outperform the best gas technology, gas heat pumps, by an average of 43% in the cooling cycle and 36% in the heating cycle.
Residential Geothermal Energy Tax Credits
The Emergency Economic Stabilization Act of 2008 was signed on October 3, 2008, which resulted in a 30% federal tax credit for homeowners, up to $2,000, who install geothermal heat pump systems in their new or existing home.
The American Recovery and Reinvestment Act of 2009, signed into law on February 17, 2009, increased the previous tax credit to a full 30% for qualified installations placed into service beginning January 1, 2009 through the end of 2016.
Commercial Geothermal Energy Tax Credits
On October 3rd 2008, geothermal heat pumps were added to the definition of energy property under section 48(a) of the Internal Revenue Code, which provides a 10% tax credit for spending on property placed in service through the end of 2016.