Federal Tax Credit Expiring Soon

Posted on: October 4th, 2016
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Federal Tax Credit

The 30% Federal Tax Credit for geothermal installations expires Dec. 31, 2016.

Much to the delight of geothermal installers and energy conscious homeowners nationwide, a federal tax credit of 30% was established by the Energy Policy Act of 2005, and later extended to 2016. But time is running short. The 30% federal tax credit is set to expire December 31, 2016.

It’s Not too Late to Use Federal Tax Credit

The program allows residential consumers to claim a tax credit equal to 30% of spending on qualified geothermal heat pumps placed in service before the end of 2016. The tax credit can be used to offset both regular income taxes and alternative minimum taxes. If the tax credit exceeds the income tax liability, the current program allows the remaining balance to be carried forward into future years. Consult your tax professional for all the details.

Geothermal savings

Our online Savings Calculator can show you how much you’ll save on geothermal for your home.

Other Incentives Available

Many states and local utilities offer tax incentives, rebates or low interest loans to encourage the installation of geothermal heat pumps. Please contact your tax professional, electric utility or installing dealer to find out what is available in your area. You can also check the EarthLinked website for more rebate resources: https://earthlinked.com/tax-credit-info-and-rebates

Don’t Miss Out

Consumers who wait until late 2016 to install a system may find they are unable to have the systems installed before year end. Demand has increased dramatically as homeowners nationwide order geothermal systems to beat the December 31 deadline.

Don’t wait until the last minute or you may miss out on increased savings and the federal tax credit. Start by visiting our online Savings Calculator to see how much you can save: https://earthlinked.com/savings-calculator/

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