Qualified geothermal or geoexchange heat pump systems use the ground or ground water as a thermal energy source to heat a home or as a thermal energy sink to cool a home. Tax credits are available for up to 30% of the cost of a geothermal system, including labor and installation, with no dollar limit on the cost of equipment or the size of the credit.
To be eligible, the system must meet ENERGY STAR criteria( www.energystar.gov ), as well as specific efficiency ratings for closed loop, open loop, and direct expansion heat pumps.
The equipment must be placed in service no later than December 31st 2016. Credits may be carried forward to future tax years.
NOTE: ENERGY STAR is a joint federal program run by the environmental Protection agency (EPA) and the U.S. Department of Energy. It is designed to promote greater use of energy-efficient products and practices for the residential and business sectors. Its website is a treasure trove of Information on everything from individual products to federal and state tax credits and rebates. Its ratings and certifications are the key qualifying factors for some tax credits.
Come to the Green Fest this Saturday June 16th from 1-6PM at the Village Center & Harbour Front Promenade of Port Jefferson or visit www.PJGreenFEST.com.
If you need additional information feel free to contact me directly- MariaPalmar www.PortJeffersonhomes.wordpress.com
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