Tax Incentives Available For Geothermal Systems

摘要

Home and commercial building owners who install geothermal heating and cooling systems are now eligible for federal tax incentives under the Energy Improvement and Extension Act of 2008. Congress passed the legislation Oct. 3 as part of the economic recovery package. "By passing this important piece of legislation, Congress is encouraging the growth of renewable energy and the small businesses across the country that support it," said WaterFurnace International Vice President of Sales and Marketing Phil Albertson. "WaterFurnace dealers are excited about these tax incentives and the positive impact it will have on their business as geothermal systems become increasingly more attractive to both home and commercial building owners." The Energy Improvement and Extension Act offers a one-time tax credit of 30 percent of the total investment for residential ground loop or ground water geothermal heat pump installations, with a maximum credit of $2,000 for a single residence. The legislation also provides a credit of 10 percent of the total investment, with no maximum, for commercial system installations.