It’s tax season, and we have good news for you! The experts at Jack Lehr Heating, Cooling & Electric are huge fans of geothermal heat pump installation. Geothermal heat pumps are clean (green), boast some of the best efficiency possible on the market, and suit our climate here in Pennsylvania absolutely perfectly. But, if you find yourself looking for yet another reason to take advantage of these awesome systems, we’ve got one for you! You can actually get tax credit for the ownership, use and operation of eligible geothermal heating and cooling systems!
Our experts come to you today with some specifics regarding this opportunity, as well as what we have to offer in the way of geothermal heat pump installation.
What Qualifies As an Eligible Geothermal Heat Pump?
Eligibility is predominantly determined by ENERGY STAR® qualifications. A product is deemed ENERGY STAR qualified through strict guidelines set by the U.S. Environmental Protection Agency, and if your home utilizes an ENERGY STAR qualified geothermal heat pump that has been installed between January 1, 2008, and on or before December 31, 2016, you may be eligible. There are other factors at play, including property type, etc. We would urge you to as a tax professional for specifics for your situation.
So, What Are the Specifics?
Take note that this is a credit and not a deduction. The exact details are particularly in-depth, and again, be sure to check with your tax professional, but we can lay out the short of it here:
- There is no maximum credit for systems placed in service after 2008.
- Systems must be placed in service on or after January 1, 2008, and on or before December 31, 2016.
- The geothermal heat pump must meet ENERGY STAR standards set by federal law.
- The home where the pump resides doesn’t have to be the taxpayer’s primary residence.
- Credit can be equal to 30% of total expenditure (including installation). Exceptions apply as set by IRS guidelines.
- There is no direct limit to exact credit amount.
- This credit can combine with wind and or solar credits.
Want to know more about the specific details of this potential tax credit? The full document can be found at the ENERGY STAR website here.
Geothermal Heat Pump Installation with Jack Lehr
If you were looking for that last, solid good reason to take the last step and switch to geothermal heating and cooling, this is certainly it! At Jack Lehr, all of our geothermal options are fully ENERGY STAR qualified, and we can guarantee more than simple satisfaction. With our heat pump installation, service and replacement, we can ensure all of your expectations and needs are exceeded! Contact Jack Lehr today to find out more about our geothermal heat pumps!