Installing a geothermal heat pump in your home is a high-quality investment in energy efficiency. For homeowners who want to make the switch to geothermal heating and cooling, there are substantial energy tax credits available from the federal government to help fund the purchase of a geothermal system.
Geothermal systems are amazingly efficient, providing at least three times the heating or cooling as the energy used to run them. Geothermal systems produce no greenhouse gases or harmful emissions, which makes them much better for the environment than traditional methods of home comfort. They offer large savings on seasonal heating and cooling bills, reducing these expenses by as much as 70 percent.
Initial cost is a major obstacle for those who are considering installing a geothermal heat pump. Costs vary based on the type of system purchased and the characteristics of the home where they are installed, but it's not uncommon for geothermal systems to carry a price tag of $10,000 to $20,000.
Federal tax credits can help offset this cost, however, making geothermal systems less expensive and more attractive as a home comfort option. Credits are issued for the purchase of geothermal systems and can be applied directly to a homeowner's income taxes for the year in which the geothermal equipment was purchased.
Currently, credits are available for the purchase of geothermal heat pumps for new or existing homes. The credit amounts to 30 percent of the system's cost, with no upper limit. Credits cover both the cost of the heat pump and installation. The credits apply only to equipment bought for and used at a primary residence or secondary home; they cannot be applied to rental units.
These federal credits expire at the end of 2016. Check the Database of State Incentives for Renewables & Efficiency for information on other incentive programs for your state.
For almost 50 years, Hartman Brothers Heating & Air Conditioning has served HVAC customers in the Fort Wayne area. Contact us today for more information on geothermal heating and cooling and how to take best advantage of energy tax credits and other incentives.
Our goal is to help educate our customers about energy and home comfort issues (specific to HVAC systems). For more information about energy tax credits and other HVAC topics, download our free Home Comfort Resource guide.
Hartman Brothers services New Haven, IN and the surrounding Fort Wayne area. Visit our website to see our special offers and get started today!