Columbus, Ohio Energy-Savers Celebrate:
30% Federal Geothermal Tax Credit Reinstated!

You know that smooth-running, low-maintenance, remarkably energy-efficient geothermal heating and cooling system you’ve been wanting but couldn’t afford? Well, check again! Because, as of February 2018, the federal government’s 30% geothermal tax credit is back again! And what was previously unattainable may now be well within reach, whether for a new home you’re building in Columbus, Ohio or for the improvement of your present home. You’ll need to act soon, though, because the federal tax credit amount is slated to decrease each year through 2021.

Here are the principle facts:

  • A full 30% of the total 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, only 22%.
  • The federal geothermal tax credit can be applied retroactively to installations that are “placed in service” as of January 1, 2017, or thereafter. “Placed in service” indicates that the installation of your geothermal heating and cooling system is complete and the equipment is ready for use. If, however, your system is part of a just built or just renovated home, it’s regarded as “placed in service” the moment you start living in the home.
  • What’s eligible for the tax credit is geothermal equipment that, a) uses solar energy cached in the ground for heating and cooling and, b) meets all ENERGY STAR requirements at the time of installation.
  • Covered expenditures take into account labor for onsite preparation, assembly, or original system installation and for the piping or wiring that secures your geothermal system to your home.
  • There are no set limits to the credit amount.

Want more facts? WaterFurnace® has gathered them for you in this nifty bulletin, Understanding the Federal Tax Incentives for Geothermal Heat Pumps. And, of course, your Columbus, Ohio geothermal pros at Geo Source One Inc. will be happy to answer any questions you have about this wonderful new opportunity to put geothermal heating and cooling to work for you – affordably!