Geo-Thermal Tax Credit Ends in 2016 - MoreVent Skip to content

Geo-Thermal Tax Credit Ends in 2016

The federal government is offering a thirty-percent tax credit, not a deduction, to homeowners who install a geothermal heat pump system in their home. But the incentive ends at the end of 2016, so don’t miss out on what could be a great investment for your home and family.

 

Geothermal Heat Pumps

These geothermal systems use the Earth’s energy as thermal energy to heat your home. So rather than burning fossil fuel, oil, propane, or natural gas to heat your home, you’re actually using energy that has already been created by the Earth. You’re significantly lessening your carbon footprint, and you could be saving yourself anywhere from forty to seventy percent on your utility bill, depending on the type of system you currently have in your home.

The Tax Credit

This tax credit is a great incentive to help reduce the overall cost of a geothermal system. It’s due to expire at the end of 2016. And, keep in mind, this isn’t a deduction; it’s a dollar-for-dollar credit on the entire installation of the system. These systems could cost you anywhere from twenty-five to forty thousand dollars. Let’s say you pay thirty thousand- with the thirty percent tax credit, you’ll get nine thousand back. That means the system really only cost you twenty-one thousand.

Not only are you getting money back, you’re saving on a month-to-month basis. The system will eventually pay for itself. If this seems like something that would work for you and you’re in the market to upgrade your heating and cooling system, it doesn’t cost you anything to have MoreVent come out to your home and do an evaluation to see if a geothermal heat pump system could be a good fit. Call us before that tax credit expires at 610-444-333.