Good news for Chicago homebuilders and commercial building owners! You may meet the requirements for a geothermal tax credit!
The Energy Improvement and Extension Act of 2008 (H.R. 1424) provides...
- a one-time tax credit of 30% of the total investment for residents 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 have to meet or exceed EnergyStar requirements and be installed after December 31, 2007.
Chicago 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 only offered through December 2016. Please consult your local Chicago tax professional for guidance on taking advantage of them, as we at Hollaway-Meyers Inc. cannot legally offer advice or endorsement of any financial strategy.
To inquire more about additional tax incentives that may be offered to you in IN, 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 Hollaway-Meyers Inc..