Fort Wayne Energy-Savers Rejoice:
30% Federal Geothermal Tax Credit Reinstated!

You know that smooth-functioning, low-maintenance, wonderfully energy-efficient geothermal heating and cooling system you’ve been wanting but couldn’t afford? Well, look again! Because, as of February 2018, the federal government’s 30% geothermal tax credit is reinstated! And what was previously a financial impossibility may now be well within your means, whether for a new home you’re building in Fort Wayne or for the upgrading of your current home. You’ll need to act soon, though, because the federal tax credit amount is scheduled to shrink each year through 2021.

Here are the principle facts:

  • A full 30% of the total cost of your geothermal system is covered by this credit through 2019. Starting in 2020, then, only 26% of the ultimate cost is covered. And in 2021, only 22%.
  • The federal geothermal tax credit can be applied retroactively to installations that are “placed in service” as of January 1, 2017, or beyond. “Placed in service” means that the installation of your geothermal heating and cooling system is completely finished and the equipment is ready for use. If, however, your system is part of a recently built or renovated home, it’s considered “placed in service” at the time you take up residence.
  • What’s eligible for the tax credit is geothermal equipment that, a) uses solar energy cached in the earth for heating and cooling and, b) meets all ENERGY STAR requirements at the time of installation.
  • Covered expenditures include labor for onsite preparation, assembly, or original system installation and for the piping or wiring that links your geothermal system to your home.
  • There are no set limits to the credit amount.

Want more details? Your Fort Wayne geothermal pros at J. O. Mory Inc will be glad to answer any questions you have about this wonderful new opportunity to put geothermal heating and cooling to work for you – affordably!

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