Archive for the Is Geo for Me? Category

30% Geothermal Tax Credit is Back!

H.R.1892 - Bipartisan Budget Act of 2018 was signed by the President on 2/09/2018. In this 640 page piece of legislation there is small section which changes the expiration date from "December 31, 2016" to "December 31, 2021" The 30% Federal Tax Credit for Geothermal Systems is back! What if I had a system installed in 2017? Your system will qualify for this credit. Talk with you accountant immediately. You can refer them to this link which shows the bill. "The amendment made by this ...

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Tax Credits Are Back!  30% Federal Tax Credit

Tax Credits Are Back! 30% Federal Tax Credit

Updated 2/10/2018 - Tax Credits Are Back! The reinstated GHP tax credits are retroactive to Jan. 1, 2017, and extended to Jan. 1, 2022. The language also changes an important consideration for commercial GHP projects, making them eligible if commenced by Jan. 1, 2022 rather than placed in service. Please note that content from here down was prior to the extension. The tax credit is back! //////////////////////// There is no tax credit extension. Through December 31, 2016 home own ...

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$1,800 Rebate for Maryland Residents

$1,800 Rebate for Maryland Residents

As of July 1 2014 a new rebate is in effect for Maryland Residents who install a closed loop geothermal systems. The previous rebate was $500 - the new one is $1,800. If you are a Maryland resident switching to geothermal be sure to ask your contractor about the new $1,800 rebate! To qualify the system much have an Energy Efficiency Ratio (EER) of 17.1 or higher and a Coefficient of Performance (COP) of 3.6 or higher. The majority of geothermal heat pumps far exceed these ratings. The revi ...

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How to protect your yard during a geothermal installation

How to protect your yard during a geothermal installation

A question that often surfaces before a homeowner decides to sign a contract with a geothermal installer is how the installation is going to affect their yard. Many homeowners invest in their landscaping and take pride in it. While some damage to a yard is inevitable during an installation, there are some practices that homeowners can encourage their geothermal well driller or installer to follow in order to keep yard damage to a minimum. Before selling a geothermal system, many contractor ...

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Will Geothermal Increase the Value of My Home?

Will Geothermal Increase the Value of My Home?

Before deciding to purchase a geothermal system, many homeowners ask this question.  Geothermal systems are a large investment and people want to make sure they will still get a benefit from the system if they decide to sell their home before they reach their payback period.  Life is uncertain, and you can think you will be in your home for several years, but you never know when a job or other event in your life could take you to a new area.  The two main schools of thought regarding geot ...

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