New Stimulus Package Geothermal Credits

Kenneth Cagle, owner of Comfort South is your local expert on heating and cooling your home with geothermal systems. Feel free to send Kenneth a question and he will answer it here.

Dear Kenneth,

I purchased my geothermal system in the fall of 2008 before the new geothermal tax credits were added in the American Recovery and Reinvestment Act. I have yet to install the system in my home. Is there any way for me to take advantage of the new tax breaks?

Dear Money Saver,

Luckily, you can still take advantage of the tax credits. The new laws state that the systems must meet or exceed EnergyStar requirements and be installed after December 31, 2007. While units installed in 2008 are subject to a $2,000 cap on the credit, units installed from 2009 through 2016 can take advantage of the full credit. Owners can file for the credit by completing the Renewable Energy Credits subsection on their tax return forms for 2008.

If you have more questions, please call me at Comfort South and I can do a home review of the system and installation plans.

Signed,

Kenneth Cagle