Home and commercial building ownerswho install geothermal heating and cooling systems are now eligible for federal tax incentives under the Energy Improvement and Extension Act of 2008, passed by Congress October 3 as part of the economic recovery package. See Below for details.
Geothermal Systems to Generate Tax Breaks! Scroll Down For Details and Tax Credit Information.
State of the Art Products
As the highest efficiency Water Source Heat Pump on the Planet, the AQUAZONE™ PT series raises the bar for water-source heat pump efficiencies, features and application flexibility. Not only does the AQUAZONE™ far exceed ASHRAE 90.1 efficiencies, but it also uses Puron® HFC-410A zero ozone depletion refrigerant, making it an extremely environmentally-friendly option.
Geothermal Heat Pumps operate in an identical fashion to Water-Source Heat Pump units. However, without the need for a boiler or cooling tower, they save substantial energy costs and space. The water loop system is underground and the units are in the building. Thus, the environmentally friendly geothermal system preserves the architectural design of a building naturally.
ENERGY STAR qualified geothermal heat pumps use about 30% less energy than a standard heat pump. They are also quieter than conventional systems.
Geothermal Systems to Generate Tax Breaks!
The Energy Improvement and Extension Act offers a one-timetax credit of 30% of the total Cost for residential ground loop or GROUND WATER GEOTHERMAL HEAT PUMP INSTALLATIONS.
30% tax credit for homeowners who install geothermal heat pump systems in 2009 and later years. For systems placed in service in 2008, the $2,000 lilmit still applies So, for example, if a homeowner pays $15,000 for a geothermal heat pump system installed in 2009, a tax credit of $4,500 could apply.
For Systems placed in service in 2008, use IRS 2008 Form 5695 for the Residential Energy Efficient Property Credit to claim the $2,000 tax credit for Energy Star geothermal heat pumps. You can view and download the form at the following link:http://www.irs.gov/pub/irs-pdf/f5695.pdf Line 18 on the form is where you enter "Qualified geothermal heat pump property costs", Line 19 is where you multiply costs by 30%, and Line 20 displays the $2,000 "Maximum credit amount" for 2008.
Few people are even aware that geothermal heat pumps are even an option when it comes to their heating and cooling needs. Most of us are aware that electric heat pumps are available but the new generation of geothermal units are just now gaining popularity. These state-of-the-art heat pumps provide the same continuous and even heat or cooling just like the electric pumps but they are far more efficient at doing so.