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Myrtle Beach Energy-Savers Celebrate:
30% Federal Geothermal Tax Credit Reinstated!

You know that clean-operating, low-maintenance, remarkably energy-efficient geothermal heating and cooling system you’ve been dreaming about but couldn’t afford? Well, you’re in luck! Because, as of February 2018, the federal government’s 30% geothermal tax credit is reinstated! And what was heretofore unattainable may now be well within your grasp, be it for a new home you’re building in Myrtle Beach or for the improvement of your present home. You’ll want to act soon, though, because the federal tax credit amount has been set up to decrease from year to year through 2021.

Here are the principle facts:

  • A full 30% of the total cost of your geothermal system is covered by this credit through 2019. Beginning in 2020, then, only 26% of the total cost is covered. And in 2021, only 22%.
  • The federal geothermal tax credit can be applied retroactively to installations that are “placed in service” as of January 1, 2017, or beyond. “Placed in service” indicates that the installation of your geothermal heating and cooling system is completely done and the equipment is ready for use. That said, your system is part of a just built or just renovated home, it’s deemed to be “placed in service” when you start living in the home.
  • What’s eligible for the tax credit is geothermal equipment that, a) uses solar energy stored underground for heating and cooling and, b) satisfies all ENERGY STAR requirements at the time of installation.
  • Covered expenditures take into account labor for onsite preparation, assembly, or original system installation and for the piping or wiring that hitches your geothermal system to your home.
  • The credit amount is unlimited.

Like more specifics? WaterFurnace® has assembled them for you in this nifty leaflet, Understanding the Federal Tax Incentives for Geothermal Heat Pumps. And, of course, your Myrtle Beach geothermal pros at J & J Air will be glad to answer any questions you have about this thrilling new opportunity to put geothermal heating and cooling to work for you – affordably!