Geo Tax Credits: Federal Tax Credits on Geothermal Heat Pumps
Are you sold on geothermal heat pumps yet? The heating and cooling system that uses the earth’s energy to provide less expensive and earth friendly heat and cool air to your home? If you are not sure…this may sway you. Here is a summary of the type of federal tax credits you could receive by installing geothermal heating and cooling in your home.
30% off the cost of the geothermal system and the sky is the limit! You can receive a 30% federal tax credit no matter how much you spend on this system. However, there are some qualifications.
- It can be in Principal AND Second homes, but NOT a rental home
- For Closed Loop: EER greater than or equal to 14.1 ; COP greater than or equal to 3.3
- For Open Loop: EER greater than or equal to 16.2 ; COP greater than or equal to 3.6
- For Direct Expansion: EER greater than or equal to 15 ; COP greater than or equal to 3.5
EER stands for Energy Efficiency Ratio: the higher the better! COP stands for Coefficient of Performance: This is the amount of heat that was changed from where it started (the ground) to where it’s going (the home)
This Expires December 31, 2016!
All of this information was found at the Energy Star Federal Tax Credits for Consumer Energy Efficiency site and more information about other credits and applying for them can be found there as well. If these tax credits finally persuaded you to get a geothermal heat pump, or you just want some more information–Contact FLAME!
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