Bailout Bill Good News For Geothermal

Whether or not you agreed with congress signing the $700 billion bail out bill, it turns out that it's probably going to help your bottom line.

A set of tax credits for green energy was established.  A homeowner can expect a credit up to $2,000 (In the most recent economic stimulus package, this $2,000 cap has been removed allowing the consumer to realize a savings of 30% of the entire install costs!) for installing any forced air GeoSystem.  A business can get a 10% investment tax credit for installing a commercial unit through the Emergency Economic Stabilization Act.

An additional $18 billion of tax incentives for investment in green technologies has also been established. Geothermal heat pumps are now classified under federal renewable energy provisions, so they qualify for these tax incentives. Expect interest to keep rising for the technology and products!

More information on the
Residential Renewable Energy Tax Credit

More information on the
Corporate Renewable Energy Tax Credit

The first link is the federal rebate, the second link is the Minnesota Power rebate.

http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

http://www.mnpower.com/powerofone/one_home/hvac/specials/GHP/index.htm

ENERGY STAR Certified Heat Pumps

Check our list of ENERGY STAR certified heat pumps here.

 

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