There’s a big push toward renewable energy these days, and savings to help homeowners with the cost. By installing certain renewable energy systems in your home, you could qualify for federal tax credits. The Georgia geothermal tax credit offers Columbus, GA area homeowners an opportunity to reap savings when they install qualified geothermal heat pumps through the end of 2023.
About the Georgia Geothermal Tax Credit
The Georgia geothermal tax credit isn’t just for Georgia homeowners – it’s for all homeowners nationwide who install qualifying geothermal heating and cooling systems at either a primary residence or second home. This tax credit was extended by the Consolidated Appropriations Act of 2021 and offers a percentage of total installation costs as a tax credit for geothermal systems installed between January 1, 2020 and December 31, 2023.
- If you install a qualifying geothermal heat pump system before the end of 2022, you can receive a 26% credit for your total installation costs via the Georgia geothermal tax credit.
- This credit is retroactive to systems installed January 1, 2020 and after, so if you have already installed a geothermal system, see if you qualify for savings.
- Systems installed by December 31, 2019 may qualify for a 30% Georgia geothermal tax credit.
- If you choose to wait and install a geothermal system between January 1, 2023 through December 31, 2023, the geothermal tax credit amount lowers to just 22% of your installation costs.
To qualify, your geothermal heat pump must meet the current ENERGY STAR specifications at the time of purchase. Eligible expenses for the geothermal tax credit include costs associated with purchasing the heat pump, site preparation, labor costs for installation as well as piping and wiring to support the geothermal system. Electrical upgrades needed to support the new system may also qualify, but add-on components cannot be included.
In addition to savings through the federal tax credit, installing a new geothermal system at your home could qualify you for other rebates and savings. Check with your utility provider to see if they offer incentives for homeowners who upgrade to renewable energy systems like geothermal HVAC systems.
Take Advantage of Geothermal Benefits
While the savings provided by the tax credit is a great reason to switch to geothermal heating and cooling, these systems offer many other advantages that will make you want to upgrade as soon as possible!
- Geothermal HVAC systems offer up to 400 percent energy efficiency, which is unheard of with conventional furnaces and air conditioners! By using natural energy as a heat source rather than creating heat, you could save as much as 70 percent on your energy bills with a geothermal heating and cooling unit.
- Geothermal HVAC equipment offers much longer average service life spans versus other types of heating and cooling systems. A geothermal heat pump averages 20 years or more of service and ground loop components can be expected to last 50 or more years!
- With fewer moving parts, geothermal heat pumps are extremely quiet, require little maintenance, and they don’t break down as often as other mechanical heating and cooling units.
Geothermal HVAC Installation for Your Home
Homeowners throughout Columbus can take advantage of the Georgia geothermal tax credit now and save money when installing this high-efficiency heating and cooling system for their primary home or secondary residence. To learn the costs of installation and see how much you could save with this credit, call Energy Savers today to request a quote.