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

You know that smooth-running, low-maintenance, remarkably energy-efficient geothermal heating and cooling system you’ve been longing for but couldn’t afford? Well, take heart! Because, as of February 2018, the federal government’s 30% geothermal tax credit is reinstated! And what was once unaffordable may now be well within reach, whether for a new home you’re building in Omaha or for the upgrading of your present home. You’ll have to act quickly, though, because the federal tax credit amount has been set up to drop from year to year through 2021.

Here are the pivotal 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, just 22%.
  • The federal geothermal tax credit can be applied retroactively to installations that are “placed in service” as of January 1, 2017, or later. “Placed in service” indicates 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 new or newly renovated home, it’s considered “placed in service” when you start living in the home.
  • What’s eligible for the tax credit is geothermal equipment that, a) employs solar energy stored underground for heating and cooling and, b) meets all ENERGY STAR requirements at the time of installation.
  • Covered expenditures take into account labor for onsite preparation, assembly, or original system installation and for the piping or wiring that secures your geothermal system to your home.
  • The credit amount is unlimited.

Like more details? WaterFurnace® has collected them for you in this convenient circular, Understanding the Federal Tax Incentives for Geothermal Heat Pumps. And, of course, your Omaha geothermal pros at Getzschman Heating & Air Conditioning will be more than happy to answer any questions you have about this generous new opportunity to put geothermal heating and cooling to work for you – affordably!