Geothermal tax credit reinstated

Posted on May 25 2018 in Noble REMC

Locally, Noble REMC members who upgrade to a geothermal heating and cooling system can be rewarded with a POWER MOVES® rebate. Now, those who make the environmentally-friendly improvement have the opportunity for a federal tax credit, as well. 

In February, Congress approved a budget which reinstated the federal tax credit on residential and commercial geothermal heating and cooling systems. The credit reimburses 30 percent of the cost of the system and was instituted retroactive to Jan. 1, 2017.

For those who installed a system in 2017 but weren’t able to take advantage of the tax credit then, talk to your tax advisor to consider filing a tax return amendment to receive your credit retroactively.

This credit will be available through 2019 for those interested in upgrading to a geothermal system, which uses heat from the earth to provide a clean and sustainable source of power.

Combined with the POWER MOVES rebate available through the cooperative, there’s no better time to give our energy advisor, Brian Hawk, a call to discuss a geothermal system for your home. Contact him at 800-933-7362.