Big Geothermal Boost

Posted February 25, 2009 05:49 by Robert

Tags: geothermal, tax credits, hvac

So as we get closer to making a decision on HVAC, we have been thrown a little big of a game changer.  As it turns out, the recent Obama bailout bill has removed the $2,000 cap for Geothermal systems, giving homeowners a 30% tax credit on the installation of an Energy Star geothermal pump system. This matches the new benefit for Solar as of January 1st and would effectively make a $100K Geothermal system only cost $70K, making the return on investment much more favorable. As with any new law, there is some ambiguity on what exactly is covered  as part of the installation costs and may lead to different interpretation by accountants. In any case, it’s a huge step forward for making Geothermal more mainstream and putting it on par with Solar and it’s the kind of incentive that puts local businesses to work and encourages private spending. We hope to have a decision in the next week or so on our plans.

Some Info On The New Benefits:

• http://www.waterfurnace.com/tax_credits.aspx
• http://www.dsireusa.org/library/includes/incentive2.cfm?Incentive_Code=US37F&State=federal&currentpageid=1&ee=1&re=1

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