Huntington Energy-Savers Celebrate:
30% Federal Geothermal Tax Credit Reinstated!

You know that smooth-functioning, low-maintenance, incredibly energy-efficient geothermal heating and cooling system you’ve been wishing for but couldn’t afford? Well, check again! Because, as of February 2018, the federal government’s 30% geothermal tax credit is reinstated! And what was previously a financial impossibility may now be well within your means, be it for a new home you’re building in Huntington or for the updating of your current home. You’ll want to act right away, though, because the federal tax credit amount is scheduled to shrink from year to year through 2021.

Here are the salient facts:

  • A full 30% of the ultimate cost of your geothermal system is covered by this credit through 2019. In 2020, then, just 26% of the ultimate 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 later. “Placed in service” means that the installation of your geothermal heating and cooling system is completely finished and the equipment is ready for use. But if your system is part of a new or newly renovated home, it’s regarded as “placed in service” the moment you take up residence.
  • What’s eligible for the tax credit is geothermal equipment that, a) makes use of solar energy cached in the ground for heating and cooling and, b) fulfills 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 specifics? WaterFurnace® has assembled them for you in this useful leaflet, Understanding the Federal Tax Incentives for Geothermal Heat Pumps. And, of course, your Huntington geothermal pros at Huntington Heating & Cooling Inc. will be glad to answer any questions you have about this generous new opportunity to put geothermal heating and cooling to work for you – affordably!