If you’ve become enthralled with the idea of geothermal heating -- a system that draws heat energy from the ground or ground water to heat a home – then here’s an exciting news bulletin that just might cause you to grab a shovel and meet your contractor in your backyard: Geothermal heat pumps are still eligible for a hefty tax credit.
That’s right, the U.S. Department of Energy (DOE) is offering a 30 percent tax credit for purchase and installation of a ground-source heat pump system. You don't have to rush – the credit is offered through 2016 – but if you’ve become educated about this exciting alternative energy source, you won’t want to delay the installation any longer.
Indeed, the tax credit adds an appealing incentive. Let’s say that the project cost totals $20,000. The 30 percent tax credit amounts to $6,000. So the actual cost of the system is $14,000.
The tax credit applies to the cost of all the heat pump’s components, as well as the installation itself. The only components that may not be covered are add-on features. All you need is the right tax form (Form 5695 to be exact) as well as all of the receipts.
Many Massachusetts residents are turning to geothermal installations for their primary and vacation homes (and both are entitled to the credit). That's because even during a harsh East Coast winter, the temperatures underground remain fairly moderate – usually ranging between 45 and 75 degrees.
A geothermal system capitalizes on the warmth of the earth by circulating a liquid solution through a loop system buried in the ground. In the winter, the fluid in the pipes removes heat from the ground and carries it into the home. In the summer, the process is reversed, using the ground as a heat sink.
Installing a geothermal system isn’t cheap – the labor associated with the digging and installation of the loops is the most labor-intensive – but homeowners may recoup the cost of installing and purchasing a geothermal heat pump fairly quickly, by some expert accounts in under a decade, through significantly lower utility bills.
To take advantage of a geothermal heat pump, a safe, clean and innovative energy saver – and save money through a tax credit – call Rodenhiser Plumbing, Heating & Air Conditioning. Serving the Route 495/128 area of Massachusetts, we're happy to help.
Our goal is to help educate our customers about energy and home comfort issues (specific to HVAC systems). For more information about heat pumps and other HVAC topics, download our free Home Comfort Solutions Guide.
Rodenhiser Plumbing, Heating and Air Conditioning serves the Route 495/128 area of Massachusetts. . Visit our website to see our special offers to get started today!
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