The federal government’s tax credit program for installing a geothermal heat pump ends on December 31st, 2016. This tax credit pays for 30% of the cost of a new geothermal heat pump system, including the installation costs, for any private residence in the United States. While this credit is not applicable to rental homes, it does apply to the primary and secondary homes of US homeowners.
Related Read: What Is Geothermal Heating?
To get this amazing credit, you must have had the system installed by December 31st, so time is quickly running out for the chance to have the federal government pay for nearly a third of the costs. Geothermal systems, like any major home upgrade, can sometimes be expensive to install, so taking advantage of this credit is the best opportunity for many homeowners to have this money-saving, eco-friendly heating and cooling system installed in their homes.
The Department of Energy lists a number of reasons for why a geothermal heat pump is a great home heating and cooling choice for many US homes :
- Less space required than a traditional HVAC system, thus freeing up room inside the home for extra storage.
- 25-50% less electricity used over conventional heating and cooling systems, meaning that the savings from lower utility bills will pay for most geothermal heat pumps in 2-10 years.
- No outside air conditioning units, clearing up space and beautifying your home’s outside.
- Few moving parts and operation so quiet most people are not aware of when the system is running.
- Maintains even home humidity levels at around 50%, especially useful for humid areas in the summer and places with dry winters.Related Read: Why Geothermal?
The choice is clear. The savings from a geothermal heat pump, the extra space inside and outside of your home, and the government tax credit make this truly one of the smartest home upgrades you can invest in for your home’s heating and cooling solutions.
Contact us at Getzschman Heating & Cooling right away if you’re interested in learning more about installing a geothermal system at (402) 554-1110. Your chance to save on your taxes through lower home utility bills is quickly running out.