FEDERAL TAX CREDITS

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COULD YOU USE A BREAK ON YOUR TAXES?

Federal tax credits for geothermal heat pumps are available until December 31, 2016. Rebates are 30% of the cost (including installation / labor costs) with no upper limit. The residence must be your primary home. Geothermal heat pumps use the constant temperature within the earth to maintain perfect heating and cooling temperatures within your home.

An exciting tax credit is available for home and commercial building owners who install geothermal heating and cooling systems through the Energy Improvement and Extension Act of 2008 (H.R. 1424). Here is some information you need to know:

  • H.R. 1424 offers a one-time tax credit of 30% of the total investment for homeowners who install residential ground loop or ground water geothermal heat pumps.
  • A credit of 10% of the total investment is also available (no maximum) for a commercial system installation.

CALL OUR TULSA HEATING AND AIR CONDITIONING SERVICE EXPERTS

To qualify, the systems must meet or exceed Energy Star requirements and be installed after December 31, 2007. While units installed in 2008 are subject to a $2,000 cap on the credit, units installed from 2009 through 2016 can take advantage of the full credit. Owners can file for the credit by completing the Renewable Energy Credits subsection on their tax return forms.

For taxpayers who are subject to the Alternative Minimum Tax, they can claim the credit on their taxes for the following year. No proof of purchase will be required; however, in case of an audit, owners are encouraged to keep a detailed invoice of their purchase on file. The contractor who sold and installed the product should list the purchase as a “geothermal heat pump” on the invoice and that it “exceeds requirements of Energy Star program currently in effect.”

The tax credit is available through December 31, 2016. Consult your local tax professional for advice on taking advantage of the tax credit, as this announcement is not intended as a recommendation or endorsement of any financial strategy.

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Cooling & Heating Tips


Make sure your air filter remains clean! A dirty filter will decrease your air conditioning unit's efficiency, causing it to use more energy. Avoid this problem by checking your air filter every month, and changing it approximately every three months.


Use a programmable thermostat! Increase the temperature when the house is empty. When you are home, set the temperature at 78 degrees for a balance of comfort, energy, and cost savings.


Replace the furnace air filter! Because furnace air filters trap a significant amount of dust, pnt, and debris, they can cause malfunction. By replacing the filter twice a year, you can ensure the heating system continues to function properly.


Get your heater inspected annually! To ensure your heater runs as efficiently as possible and that you avoid facing expensive repairs, getting your heating system inspected by a professional.