Elizabethtown Energy-Savers Take Note:
30% Federal Geothermal Tax Credit Reinstated!

You know that smooth-functioning, low-maintenance, highly energy-efficient geothermal heating and cooling system you’ve been longing for but couldn’t afford? Well, despair not! Because, as of February 2018, the federal government’s 30% geothermal tax credit is now back in effect! And what was previously a financial impossibility may now be well within reach, whether for a new home you’re building in Elizabethtown or for the enhancement of your present home. You’ll have to act soon, though, because the federal tax credit amount is slated to decrease each year through 2021.

Here are the critical facts:

  • A full 30% of the final cost of your geothermal system is covered by this credit through 2019. Beginning in 2020, then, only 26% of the ultimate cost is covered. And in 2021, only 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 typically figured to be “placed in service” when it’s fully installed and ready for use. That said, your system is part of a recently built or renovated home, it’s regarded as “placed in service” the moment you begin living in the home.
  • What’s eligible for the tax credit is geothermal equipment that, a) makes use of solar energy cached underground for heating and cooling and, b) fulfills all ENERGY STAR requirements at the time of installation.
  • Covered expenditures include labor for onsite preparation, assembly, or original system installation and for the piping or wiring that connects your geothermal system to your home.
  • The credit amount is unlimited.

Need more details? WaterFurnace® has gathered them for you in this nifty flier, Understanding the Federal Tax Incentives for Geothermal Heat Pumps. And, of course, your Elizabethtown geothermal pros at Dever Enterprises will be happy to answer any questions you have about this thrilling new opportunity to put geothermal heating and cooling to work for you – affordably!