Denver Energy-Savers Take Note:
30% Federal Geothermal Tax Credit Reinstated!

You know that clean-running, low-maintenance, highly energy-efficient geothermal heating and cooling system you’ve been dreaming about 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 unattainable may now be well within your grasp, be it for a new home you’re building in Denver or for the enhancement of your current home. You’ll need to act quickly, though, because the federal tax credit amount is slated to decrease each year through 2021.

Here are the principle facts:

  • A full 30% of the ultimate cost of your geothermal system is covered by this credit through 2019. 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. A geothermal heating and cooling installation is usually figured to be “placed in service” when it’s completely installed and ready for use. But if 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) makes use of solar energy stored in the ground 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 hitches your geothermal system to your home.
  • The credit amount is not limited.

Need more facts? Your Denver geothermal pros at Denver Geothermal Heating will be pleased to answer any questions you have about this exciting new opportunity to put geothermal heating and cooling to work for you – affordably!

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