SHOP PRODUCTS
Houzz Logo Print
sunnyflies

Tax credit for geo thermal now 30% !!!

sunnyflies
15 years ago

The new stimulus plan has just increased the tax credit for geothermal systems to 30%. This means 30% off the unit itself, plus the electric installation costs and the well system. This makes the credit a substantial help to those of us thinking seriously about putting such a system in.

In my case, I am looking at a Weatherfurnace Envision system for about $20,000 with electric hook up costs of $1,500, and a pair of wells for $7,700, so near $30,000. A tax credit of approximately $9,000 would help ease the pain. Not having to pay any more oil bills, priceless!

Our oil bill ran $5,700 this past year and $4,499 the year before. New oil heat and a/c systems estimates for our house are running between $15,000 and $ 20,000, so paying the extra money out to save in the long run seems to make sense. It looks like I would save the difference between an oil system and a geothermal one in two years, then actually pay ourselves back for the remaining cost of the geo system in the next five to seven years. Amazing.

Plus, every well company I have talked to around here (coastal NY) has told me they are putting in literally hundreds of wells for these systems. I had had no idea as all the local heat contractors I have spoken with have tried to discourage me from going in that direction. I believe it is because an engineer is needed to design a geo system or it will not work efficiently, and they are simply traditional heating installation guys. Throw in a unit, connect it to a fossil fuel source and turn it on.

Comments (6)

Sponsored