Georgetown County Energy-Savers Celebrate:
30% Federal Geothermal Tax Credit Reinstated!

You know that smooth-functioning, low-maintenance, incredibly energy-efficient geothermal heating and cooling system you’ve been wanting but couldn’t afford? Well, despair not! Because, as of February 2018, the federal government’s 30% geothermal tax credit is now back in effect! And what was once unaffordable may now be well within your grasp, be it for a new home you’re building in Georgetown County or for the updating of your present home. You’ll need to act right away, though, because the federal tax credit amount is scheduled to drop from year to year through 2021.

Here are the critical facts:

  • A full 30% of the ultimate cost of your geothermal system is covered by this credit through 2019. In 2020, then, just 26% of the ultimate 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 later. A geothermal heating and cooling installation is typically figured to be “placed in service” when it’s fully installed and ready for use. That said, your system is part of a recently built or renovated home, it’s deemed to be “placed in service” when you begin living in the home.
  • What’s eligible for the tax credit is geothermal equipment that, a) employs solar energy cached in the ground 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 not limited.

Need more facts? WaterFurnace® has assembled them for you in this useful data sheet, Understanding the Federal Tax Incentives for Geothermal Heat Pumps. And, of course, your Georgetown County geothermal pros at Waccamaw Heating & Cooling will be more than happy to answer any questions you have about this exciting new opportunity to put geothermal heating and cooling to work for you – affordably!