D.B. Homes Announces Geothermal Tax Credits for New Homes
An exciting new tax credit is now available for home owners who install geothermal heating and cooling systems through the Energy Improvement and Extenstion Act of 2008 (H.R. 1424). H.R. 1424 offers a onetime tax credit of 30% of the total investment for homeowners who install residential ground loop or ground water geothermal heat pumps. For example, if someone spends $30,0000 on a geothermal system, they will recieve a $9,000 tax credit.
A geothermal heat pump (GHP) is the tool used within the system to transfer heat from one source to another. This means from the ground, into your system and thereby your home. Geothermal refers to a process that uses heat from the Earth to heat or cool the home. This is an alternative to using fuel. Drawing from heat sources several feet underground, a geothermal pump is used to filter this underground air, which is usually warmer during the winter months and colder during summer months. “Traditionally, Geothermal Heating and Cooling Systems were not an affordable system to install to heat and cool your home, but the super efficiency along with this tremendous tax credit is going to allow many more of our customers to consider the many benefits of Geothermal systems,” stated Dick Burke, Jr., Owner of D.B. Homes. “Geothermal systems represent a savings to home owners of 30-70% in heating and 20-50% in cooling as opposed to conventional systems and are ‘green’ in nature.”
To qualify, the systems must meet or exceed Energy Star requirements and be installed after December 31, 2008. While units installed in 2008 are subject to a $2,000 cap on the credit, units installed from 2008 through 2016 can take advantage of the full credit. No proof of purchase will be required; however, in case of an audit, owners are encouraged to keep a detailed invoice of the purchase on file. The contractors who sold and installed the product should list the purchase as a “Geothermal Heat Pump” on the invoice and that it “Exceeds requirements of Energy Star Program currently in effect.”
The tax credit is available through December 31, 2016. Consult your local tax professional for advice on taking advantage of the tax credit; this is not intended as a recommendation or endorsement of any finanical strategy.
DB Homes is deepy committed to providing their customers a top quality energy efficient home at an affordable price in much less time than traditional “stick built” homes. For additional information or questions, pleae contact us at 814-262-7525.