Saving money with tax credits is something that many people are looking for these days. There are some ways to save that many individuals don't know about. Utilizing geothermal exchange systems can end up saving more than many people realize; the energy savings combined with the cost efficiency of these systems can help take home improvement to a new level.
Understanding what geothermal exchange systems are is the first step in the process. These systems utilize the natural ability of the Earth to provide properties with hot water that is cost effective and makes a minimal impact on the homeowners' carbon footprints.
It doesn't matter if a home is brand new and just now being built or if the building in question is a leased office space that is being retro-fitted to suit companies' needs, geothermal systems can increase energy efficiency.
With the signing of a bill in 2009, which included a 30% tax credit for people that utilize this opportunity, homeowners started to take notice of the benefits that can be obtained from this program. There is currently no limit to the amount of money that can be claimed towards this tax credit. This tax credit is effective through 2016, so there is still plenty of time to reap the benefits of this bill!
Here are some of the details of this bill:
- There is no upper limit for the 30% tax credit that homeowners can claim, and the total cost is inclusive of labor and installation expenditures.
- While rental properties aren't qualified for this tax credit, personal residential homes may qualify. Owners of second homes are permitted to claim their additional residence for so long as it's not a rental property.
- The homeowner will need to have a system that meets the ENERGY STAR guidelines that are in place at the time their system is installed.
- Water-to-water geothermal heat pumps can qualify for this money-saving tax credit.
How Does Geothermal Work?
In short, these systems utilize the relatively constant temperature that the earth provides naturally for heating, cool, and provide hot water to businesses and residences. Installing one of these systems is the green way to go because little to no fossil fuels are necessary to complete the process. Many people see a significant decrease in the cost of their monthly utilities after installing such a system.
The system is comprised of a heat pump, a ground heat exchanger, and the delivery system. These parts work together to pull heat and energy from sources under the ground. While there are several different types of geothermal systems, the central concept remains the same. Liquid-filled pipes are buried under the ground, and heat is then transferred through the long loops of pipes. The variety of options allows professionals to provide you with the optimal system for virtually any property.
Information On Residential Geothermal Heat Pump Systems
Ever wonder just how much money you can save on your heating and cooling costs by using a residential geothermal system? Contact us and speak to a geothermal expert. Eliminate the pain of next year's heating bills and get a tax credit of up to 30% if you purchase a system before the end of 2016.
Skillings & Sons has brought cutting edge water well technology into residential homes in both New Hampshire and Massachusetts since 1971. Get the facts on geothermal from a trusted, fourth generation company. Contact us today.