November 4, 2013
Do not miss the opportunity to claim the 30% tax rebate for geothermal heating systems.
Put aside for a moment how environmentally friendly they are or how they can cut up to 70% off of your utility bills. Forget for now that they are more quiet and reliable than ordinary air conditioners and heat pumps. Focus instead on the tax break being offered by the federal government if you have one installed in your home or business.
The Federal Tax Credit
2014 is right around the corner. Do not miss out on your opportunity to claim the 30% tax rebate being offered to homeowners who have a geothermal heating system installed. All you need to do to qualify is have purchased and installed a system that exceeds the requirements of the energy star program after 2007. You will not be required to provide any proof of purchase, but you should retain all receipts in the event of an audit.
Business owners also can benefit from a tax credit of 10% if they install a geothermal heating system on their premises.
Your Return on Investment
A geothermal heat pump is an expensive investment initially. There is a need to dig large trenches around your home to an area beneath the earth’s surface. Depending on your house, there may be a need for special adjustments in order to outfit it for the system. Have an HVAC technician look at your house and give you an estimate of how much an installation will cost.
It is a large investment, but one that potentially will pay for itself in just a couple of years. Besides the tax rebate a geothermal heat pump, you are going to see a drastic reduction in your utility bills. Depending on the size of your home, you may see a savings of anywhere from $400 to $1400 each year.
Other advantages of having this type of heating system installed in your home are the reduction of impact on our environment. With some types of systems, there is a 40% reduction in emissions. They are also more reliable than other types of heating and cooling systems and can last anywhere from 20 to 50 years without having to be replaced. Integrating the new system into the old is easy. No change in ductwork is needed. In fact, the only noted disadvantage seems to be the initial cost of installation, but again you will recoup that investment in just a few years in the savings.
How much an installation will cost you is a question that can only be answered by an HVAC company after they have visited your home and assessed its needs along with the work that will be involved with the installation. Geothermal heat pumps require a lot of space, particularly outside of the house, but don’t be discouraged by the thought of losing space. Most of the hardware installed will be concealed underground.
Contact Scott-Lee Heating Company
If you have been considering changing the heating system in your home now is the best time. With the 2013 tax year coming to a close you will want to act fast to take advantage of the 30% tax rebate being offered. Consult with Scott- Lee Heating Company, a Saint Louis HVAC company, and get the project started. Contact us at (314) 200-0788. The sooner it is installed the sooner you will start saving money on your utilities.