Tim and I are considering the great benefits of Geothermal heating At first I was quite skeptical of the whole "Heat Pump," but I am finding myself changing my tune. After listening to some very convincing arguments, we are now strongly looking into the option. I do have to admit that the upfront costs is quite shocking. $20,000 on top of a new home can add up quickly. But after further research we are finding that the government is subsidizing 30% of the cost, plus we could save about 30-40% in our energy bills.
I still would like to run some of our own numbers, but if the cost of the Geothermal Heating raises our mortgage costs, and lowers our Energy costs at the same time, could it be a wash? And at the same time add resell value to your home?
As part of the Emergency Economic Stabilization Act of 2008, tax incentives for the installation of Geothermal heating and cooling systems were extended. The new legislation covers installations from January 1, 2009 through December 31, 2016. Homeowners who install Geothermal systems during this time may be able to claim up to 30% of the installed cost in tax credit in the year the system is placed into services with no cap on the credit.
"Geothermal systems cost approximately $20,000. Therefore, this new credit could be worth over $7,000 to tax payers," said Carolyn Rolfes, President of Potterhill Homes. "Add this to the savings on heating and cooling that Geothermal owners see from the first month and there has never been a more appealing time to intall this kind of system."
Potterhill Homes offers a Geothermal system upgrade on almost all their homes. See an associate for information. Homeowners considering installing a Geothermal system should consult their tax accountant for verific
