O2Geothermal Inc. Geothermal Heat Pump Systems. Energy Saving, Environmentally Clean, Cost Effective.
Welcome to a discussion of ground source heat pumps as a real solution for consumers considering the impact of escalating utility costs!
As you know, the environmental impact of our consumption of traditional fuels has hit our pocket books, today and for the generations that follow.
The ground source alternative has been an effective option for several years. And today consumers will find that financial justifications can be compelling.
TAX CREDITS
Federal, state, and local credits can save you as much as half of project cost
The American Recovery and Reinvestment Act of 2009, H.R.1 (the Stimulus Bill of 2009) that was signed by the President on February 17, 2009, contains long-term tax incentives to encourage the installation of geothermal heat pumps in residences. The new law, effective January 1, 2009, offers a one-time tax credit of 30% of the total investment for geothermal heat pump installations?without the limit of $2,000 that was part of the law enacted in 2008.
It should be understood that a tax credit is generally more valuable than a tax deduction of the same magnitude because a tax credit reduces the tax obligation directly, while a deduction only adjusts taxable income. A tax credit is applied against your tax calculation's bottom line. Additionally, you can choose to carry forward your geothermal heat pump tax credit as a tax benefit in future tax years
While it is expected to take many months for the IRS to release the updated forms and instructions for filing to claim this credit, it is expected that the credit will be treated as a refundable credit, so they not only directly reduce the amount of tax payable, they could bring a taxpayer’s tax obligation into the negative.
A tax credit of 10% of the total investment is also available without a maximum credit limit for commercial installations.
Geothermal / Geo-exchange Technology: Home and business owners worldwide are enjoying a high level of comfort, while significantly reducing their energy use with geothermal (ground source) heating and cooling systems.
Geothermal is the most energy-efficient, environmentally clean, and cost-effective space conditioning system available, according to the Environmental Protection Agency.
Alternative energy, wind, solar, geothermal heat pump and other new technology are changing the energy landscape worldwide. These technologies are leading to job and investment growth everywhere. The future is looking cleaner and brighter by the day.
download FORM 5695 to claim your tax credit.