Federal energy tax credits in 2012 have been extended for geothermal heat pumps and solar energy systems.
The extended federal energy tax credit will cover the 30% of the cost (including installation / labor costs), with no upper limit. Equipment must be installed in a home you own and use as a residence (no rentals, but second homes qualify) between January 1, 2012 and December 31, 2016.
Please consult your certified tax advisor or contact us to ensure that you will qualify for this tax credit.
Some 2012 program specifics:
Geothermal Heat Pump:
- 30% of cost with no upper limit.
- Tax credit includes installation costs.
- Closed Loop: EER 14.1 or more & COP 3.3 or more
- Open Loop: EER 16.2 or more & COP 3.6 or more
- Direct Expansion: EER 15 or more & COP 3.5 or more
Solar Energy Systems (Solar Water Heaters):
- 30% of cost with no upper limit.
- Tax credit includes installation costs.
- At least half of the energy generated by the property must come from the sun. The system must be certified by the Solar Rating and Certification Corporation (SRCC) or a comparable entuty endorsed by the government on the state in which the property is installed.
- The credit is not available for expenses for swimming pools or hot tubes.
While the money you can save with these tax credits is amazing, you will also save thousands of dollars more on energy costs over the life of your new, high-efficiency equipment.
And you will also save thousands of dollars more on energy costs over the life of your new, high-efficiency equipment.
If you have any question regarding the federal energy tax credit, please contact us today.
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