Finance
Tax Incentives Continue For Geothermal Systems
Posted: 10/18/2011
The ground around your home can provide family and friends with warmth and comfort inside the house.
(NAPSI)—Even as federal tax credits for traditional heating and cooling systems have decreased, incentives for geothermal systems remain considerably higher—at 30 percent of the installed cost of the system with no limit. In fact, homeowners can take advantage of the federal residential renewable energy tax credit through December 31, 2016. What’s more, the credit is retroactive to Jan. 1, 2009 and can be used in combination with utility rebates and state tax incentives to make geothermal systems more affordable than ever.
The savings associated with operating a geothermal system are just as attractive. By taking advantage of the abundant source of free solar energy stored in the earth to heat and cool a home, a geothermal heating and cooling system can save homeowners as much as 70 percent on their cooling bills in summer. The system can also provide supplemental hot water, saving homeowners even more. Instead of being extracted from the ground to preheat hot water, the heat comes from the house.
A geothermal system offers a number of other benefits, including even distribution of heating and cooling for improved comfort, a reduced carbon footprint, improved indoor air quality, quiet operation, little to no maintenance and a life span that exceeds 24 years.
To qualify for the tax credit, residential systems must meet ENERGY STAR requirements. Homeowners can file for the credit by completing the Residential Energy Efficient Property Credit, Form 5695. A copy of the form, as well as an informative brochure that explains the federal tax incentive and a listing of those products that qualify for the tax credit, is available on the WaterFurnace website at www.waterfurnace.com.
To learn more about federal tax credits and the many other benefits that a geothermal system offers, visit the site or talk to a WaterFurnace expert at (800) GEO-SAVE. |
