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

You know that smooth-running, low-maintenance, remarkably energy-efficient geothermal heating and cooling system you’ve been wishing for but couldn’t afford? Well, take heart! 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 Boone or for the updating of your present home. You’ll need to act right away, though, because the federal tax credit amount has been set up to decrease each year through 2021.

Here are the important 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 total 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 typically considered to be “placed in service” when it’s totally installed and ready for use. That said, your system is part of a new or newly renovated home, it’s regarded as “placed in service” the moment you start living in the home.
  • What’s eligible for the tax credit is geothermal equipment that, a) uses solar energy cached underground for heating and cooling and, b) meets 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 tethers your geothermal system to your home.
  • The credit amount is not limited.

Want more details? Your Boone geothermal pros at Scott Brothers Heating & Air will be happy to answer any questions you have about this generous new opportunity to put geothermal heating and cooling to work for you – affordably!