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Geothermal Tax Credits

30% Tax Credit for Geothermal

The Energy Improvement and Extension Act of 2008 (H.R. 1424) offers tax credit of 30% to homeowners who install a geothermal (ground source heat pump) system on their property. The property must be residential property within the United States, but does not need to be primary residence. Please note that the credit excludes geothermal systems used solely for swimming pools and/or hot tubs. The 30% tax credit counts toward the heat pump,ground loop and related equipment. Labor costs for excavation and installing the loopfield,installing the heat pump,and any other plumbing, wiring and/or ducting needed to make the system work are also included. The system must meet or exceed current Energy Star requirments,and be placed into service after December 31, 2007 H.R. 1424 caps the credit at $2,000. The American Recovery and Reinvestment Act of 2009 sweetens the deal for geothermal. Everything basically stays the same, except that the $2000 Cap to the tax credit has been eliminated.Now you can install Geosystem and take full advantage of the 30% tax credit! This legislation is good for installations placed into service from January 1,2009 through December 31st, 2016.

An extension of the Commerical Building Tax Deduction until 2013 that allows building owners to deduct up to $1.80 per square foot for improvement in overall Performance.

Residential Energy Efficient Property Credit Form 5695 www.irs.gov