home tax credits

What Are the Current Tax Credits Available for Geothermal Systems?

March 26, 2018

Taking advantage of all the tax credits for which you are eligible in Lawrenceburg, IN can save you and your family a considerable amount of money. An energy efficient system may qualify for federal tax rebates that can help you recover as much as 30 percent of the cost of your system when it is time to pay your taxes. Here are some facts you should know about the tax benefits of installing these advanced heating and air conditioning systems for your home or business.

The Residential Renewable Energy Tax Credit

On February 9, 2018, the U.S. Congress reinstated tax credits for residential and commercial geothermal systems. These tax credits are administered by the U.S. Department of Energy and the Internal Revenue Service. They are retroactive to installations performed and completed in 2017 and add up to 30 percent of the cost of these systems. There is no maximum cap on the amount of this credit for homeowners.

The Business Energy Investment Tax Credit

Businesses can also benefit by implementing an energy efficient system for their office spaces and other facilities. The Business Energy Investment Tax Credit provides a tax credit of 10 percent of the purchase price for certain geo-powered electric systems, allowing businesses to enjoy significant financial benefits when investing in these advanced HVAC systems.

Other Tax Incentives

Indiana offers property tax deductions for systems that meet certain basic requirements for energy efficiency. This is in addition to the 30 percent credit provided by the federal government for these qualifying systems.

At Western Hills Heating & Air Conditioning, we offer professional HVAC services for Dearborn County residents and businesses. We are a family-owned and operated business with more than 30 years of experience in the heating and cooling industry. Our technicians can provide you with expert guidance to help you find the most advanced solutions for your HVAC needs. Give us a call today at 812-227-3001 to schedule an appointment with us. We look forward to the opportunity to work with you.

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