Welcome to a discussion of developing ground source heat pump technologies offered as a real and effective solution to consumer households considering and coping with the dramatic impact of escalating utility costs.
As consumers of energy, we are gaining awareness of the impacts of our consumption patterns as it effects not only our budgets but also our shared environment. In our living spaces ground source heat pump systems for heating air, cooling air, and heating water will predictably increase comfort levels, while reducing our use of fossil fuel consumption for those purposes.
The renewable energy exists today in the Earth below our homes to make a huge contribution today and for future generations as we seek sustainable energy solutions. There is much to consider. Added costs associated with a ground source heat pump should be considered an investment with an expectation for a return on that investment. This website is offered as an information resource to help identify a number of important considerations for the purpose of optimizing that return.
O2Geothermal Inc. Geothermal Heat Pump Systems. Energy Saving, Environmentally Clean, Cost Effective.
HOME SHOW DISCUSSIONS
These questions and observations were consistently presented to us after spending three days at the Columbia Home Builders Asssociation Home Show.
Q. Aren't ground source heat pumps too expensive unless you plan to live in a house for the life of a mortgage.
A. NOT SO. Our case studies show that if your existing heating and air conditioning equipment is 15 yrs old - paybacks to upgrade are usually less than 4 yrs.
Q. How much energy can I save?
A. Depending on your existing equipment, you should save 50% OR MORE IN THE ENERGY COSTS INVESTED IN HEATING AND COOLING
Q. Will the air feel as cool as the air I feel from my current heat pump during the winter months?
A. A ground source heat pump is designed differently than air source heat pump and will deliver air that is warm and comfortable on the coldest days.
Q. Do I have room enough in my yard to install field loops for a ground source system?
A. Drilling field loops require small bore diameters with shallow depths (100' or less) and as a result systems are very typically installed in an area less than 20' X 20'.
Q. How long does it take to install a system? Usually less than a week.
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.