GOT DIRT?!
GO GEO AND REAP THE BENEFITS!
By Federal Law HR 1424, If you install a geothermal system,
you can apply for a one time Federal Tax Credit of 30% on residential installations and 10% of expenditures, with no
maximum credit limit on corporate installations.
Not only will you receive a Tax Credit but you will also save up to 60% on you monthly utility
bills. And, on top of all, you are using green energy which is environmentally friendly. Geothermal is growing
fast. Get ready to enjoy the benefits!
Federal Tax Credit:
30% of cost with no upper limit Expires:
December 31, 2016 Details:
Existing homes & new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify. Closed Loop:
EER ≥ 14.1
COP ≥ 3.3
Open Loop:
EER ≥ 16.2
COP ≥ 3.6
Tax
Credit includes installation costs.
More
Information on Federal tax Credits:
House Bill 512 of 2009 extended the eligibility to geothermal equipment, extended the expiration date
to December 31, 2015
Solar Thermal Hot Water and PV (Photovoltaics)
Residential and Corporate Systems
A Federal 30% Tax Credit is available with
no limit for both solar hot water and photovoltaic systems.
North Carolina residential tax credit of 35% for solar with a maximum of $3,500 for active
space heating systems, combined active space heating and solar hot water systems and passive space heating systems. $1400 on thermal hot water systems and a maximum of $10,500 for PV (photovoltaic) systems.
North Carolina Corporate Tax Credit for commercial
and industrial systems is 35% with a $2.5 million per installation maximum incentive.
Home Improvements!
These tax credits would simply be subtracted from the homeownwer's
tax bill. Improvements to existing homes can qualify up to 30% tax credit if improvements are made to the building envelope,
for example, adding insulation, sealing leaks, upgrading doors and windows, metal roofing, etc.
Energy efficient heating and cooling equipment, including geothermal heat pumps
also qualify for the tax credit.
Builders can
qualify for a tax credit up to $2000 for implementing renewable energy resources.
Beginning January 1, 2006, North Carolina will
now allow
"net-metering"
from renewable energy systems. This means that home owners, businesses, and farmers that use solar photovoltaics systems
that are grid tied can receive credit for any excess electricity they put back on the grid. Contact
your state's energy office and the U.S. Department of Energy for more details.
For more information
on tax guidelines, terms, definitions, and various provisions for renewable energy credit please check
out:
