Updated January 2017: The federal tax credit has expired in 2016. The SC Tax Credit will expire 12/2018
You couldn’t ask for a better time to install a new Geothermal System! The energy savings are just the beginning: FOR A LIMITED TIME – SC homeowners to receive a combined 55% tax credit on the purchase of a new geothermal System. Valid through December 2016 only, includes a 25% SC state tax credit and 30% Federal tax credit.
Call to learn more and schedule your FREE onsite Geothermal assessment (864)232-5684 Carolina Geothermal
An exciting tax credit is still available for home and commercial building owners who install geothermal heating and cooling systems through the Energy Improvement and Extension Act of 2008. It 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. This Federal tax credit for geothermal heating and air system will expire 2016.
Also, as of March 1st, 2016, SC Homeowners can take advantage of a one-time 25% State Tax Credit of the total investment for homeowners who install residential ground loop or ground water geothermal heat pumps.
So for everybody who plans to replace an old heating and air system or build new and wants to take advantage of a geothermal system, the time is running out indeed. The federal tax credit can be claimed for systems placed in service by 12/31/2018. So it will be necessary to start the project early enough as the ordering and installation process will take some time.
The shortest and easiest to read full description for the tax credit can be found below (shortened to reflect Geothermal only) or on the energy.gov website:
Program InfoSector Name: FederalAdministrator: U.S. Internal Revenue ServiceWebsite: http://www.energystar.gov/taxcreditsState: FederalProgram Type: Personal Tax Credit
Rebate Amount: 30%
Additional information including the link to the tax form 5695 and instructions can be found on the Energy Star website.
For more information about geothermal heating and air conditioning check out our dedicated website at http://carolinageoheating.com.
And talk to our geothermal specialists to provide you a quote and answer any questions you might have. (864)232-5684