Great news for Cleveland homebuilders and commercial building owners! You may qualify for a geothermal tax credit!
The Energy Improvement and Extension Act of 2008 (H.R. 1424) offers...
- a one-time tax credit of 30% of the total investment for homeowners who install residential ground loop or ground water geothermal heat pumps.
- a one-time tax credit of 10% of the total investment for building owners who install a commercial geothermal system.
Qualifying systems must meet or exceed EnergyStar requirements and be installed after December 31, 2007.
Cleveland geothermal system owners can file for the tax credit by completing the Renewable Energy Credits subsection on their federal tax return forms.
Geothermal tax credits are available through December 2016. Please consult your local Cleveland tax professional for advice on taking advantage of them, as we at Smylie One Heating & Cooling cannot legally offer a recommendation or endorsement of any financial strategy.
To learn more about additional tax incentives that may be available to you in OH, visit www.dsireusa.org.
And to learn more about why you should consider installing a geothermal heating and cooling system in the first place, contact Smylie One Heating & Cooling.