Mt. Pleasant Energy-Savers Celebrate:
30% Federal Geothermal Tax Credit Reinstated!

You know that clean-operating, low-maintenance, incredibly energy-efficient geothermal heating and cooling system you’ve been dreaming about but couldn’t afford? Well, you’re in luck! Because, as of February 2018, the federal government’s 30% geothermal tax credit is now back in effect! And what was once a financial impossibility may now be well within reach, be it for a new home you’re building in Mt. Pleasant or for the improvement of your present home. You’ll have to act soon, though, because the federal tax credit amount is slated to shrink from year to year through 2021.

Here are the salient facts:

  • A full 30% of the ultimate cost of your geothermal system is covered by this credit through 2019. In 2020, then, just 26% of the ultimate cost is covered. And in 2021, just 22%.
  • The federal geothermal tax credit can be applied retroactively to installations that are “placed in service” as of January 1, 2017, or thereafter. A geothermal heating and cooling installation is normally figured to be “placed in service” when it’s totally installed and ready for use. If, however, your system is part of a recently built or renovated home, it’s considered to be “placed in service” at the time you begin living in the home.
  • What’s eligible for the tax credit is geothermal equipment that, a) employs solar energy stored in the ground for heating and cooling and, b) fulfills all ENERGY STAR requirements at the time of installation.
  • Covered expenditures take into account labor for onsite preparation, assembly, or original system installation and for the piping or wiring that secures your geothermal system to your home.
  • There is no limit to the credit amount.

Want more facts? WaterFurnace® has collected them for you in this nifty data sheet, Understanding the Federal Tax Incentives for Geothermal Heat Pumps. And, of course, your Mt. Pleasant geothermal pros at Moline Heating & Cooling will be more than happy to answer any questions you have about this exciting new opportunity to put geothermal heating and cooling to work for you – affordably!