Indianapolis, IN (PRWEB) August 22, 2013
Geothermal heating and cooling systems generally achieve a minimum of 400 percent energy efficiency, and when compared to the highest range of energy efficiency for traditional systems (92-94 percent), many users consider the systems a worthwhile investment. While geothermal systems for residential areas present a large up-front investment, initial costs are recouped in monthly utility bill savings. Homeowners wanting to take advantage of every opportunity to ease the cost of installation to convert to a green system can now reap the benefits of tax incentives.
The Residential Energy-Efficient Property Credit, available now through 2016, is meant to help U.S. taxpayers pay for qualified residential alternative energy equipment, such as solar electricity systems, solar hot water heaters, and geothermal heating and cooling systems. The tax incentive offers a 30 percent tax credit to homeowners for upgrading to a “Qualified Geothermal Heat Pump Property,” which includes system purchase, installation fees, labor fees, and material costs. To claim these credits, homeowners should fill out and submit form 5695.
For most types of property, there isn’t a limit on the amount of credit available, and if the credit happens to be greater than taxes owed, it can be carried forward and applied to the next year’s tax return. Home Comfort Geo, a leader in geothermal heating and cooling, suggests speaking with a geothermal professional before making any home energy efficient improvements in order to lower the upfront cost of alternative energy installation.
For more energy efficient system installation rebate and incentive information, homeowners should visit Home Comfort Geo at http://homecomfortgeo.com/.
About Home Comfort Geo
Home Comfort Geo is the leading source for geothermal statistics, technology, and innovation. Our dealers proudly serve residents throughout Illinois, Indiana, Kentucky, and Missouri.