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

You know that clean-operating, low-maintenance, remarkably energy-efficient geothermal heating and cooling system you’ve been dreaming about but couldn’t afford? Well, you’re in luck! Because, as of February 2018, the federal government’s 30% geothermal tax credit is reinstated! And what was heretofore a financial impossibility may now be well within reach, be it for a new home you’re building in Greater Cincinnati or for the improvement of your current home. You’ll have to act fast, though, because the federal tax credit amount has been set up to shrink from year to year through 2021.

Here are the salient facts:

  • A full 30% of the total cost of your geothermal system is covered by this credit through 2019. Beginning in 2020, then, just 26% of the total 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 thereafter. A geothermal heating and cooling installation is typically regarded as having been “placed in service” when it’s completely installed and ready for use. If, however, your system is part of a recently built or renovated home, it’s considered to be “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 stored in the ground for heating and cooling and, b) fulfills 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 tethers your geothermal system to your home.
  • The credit amount is not limited.

Like more details? Your Greater Cincinnati geothermal pros at Bill Spade Electric, Heating & Cooling 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!