The Bipartisan Budget Act of 2018, signed in February 2018, reinstated the tax credit for fuel cells, small wind, and geothermal heat pumps. The tax credit for all technologies now features a gradual step down in the credit value.
A taxpayer may claim a credit of 30% of qualified expenditures for a system that serves a dwelling unit located in the United States that is owned and used as a residence by the taxpayer. Expenditures with respect to the equipment are treated as made when the installation is completed. If the installation is at a new home, the "placed in service" date is the date of occupancy by the homeowner. Expenditures include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. The maximum allowable credit, equipment requirements and other details vary by technology, as outlined below.
For complete information, visit this web site: https://programs.dsireusa.org/system/program/detail/1235
Garavalia's Hydron Module Geothermal systems offer exceptional efficiency and qualify for the government tax credit.
If you're thinking of a new Geothermal system, contact Garavalia Heating & Cooling today to learn how you can save 30% on a new Hydron Module system and boost efficiency in the process!