With so many people and interests pushing for a better environment, many companies are stepping forward to provide alternative ways to produce and utilize existing energy without using as much fossil fuel resources. However, because of expense, many people are reluctant to adopt these “green” technologies. As an example, geothermal heating and cooling systems use the Earth’s heat for your heating and cooling needs. Although geothermal is initially more expensive to install than standard heat pumps, the green benefits as well as cost savings can be substantial. With tax credits, you can actually save a lot of money right off the bat.
For example, changing over your home heating and cooling system to a geothermal heat pump may qualify you for geothermal tax credits at the federal and state levels. Currently, the IRS allows for a 30 percent federal tax credit for the cost of buying and installing a geothermal heat pump system with no upper limit. With additional tax credits and utility incentives, you can substantially cut the cost of installing one of these energy-efficiency systems.
Another way you’ll save money is on your power bill. Geothermal heat pumps transfer heat energy between the ground and your home, and since the temperature a few feet underground remains relatively moderate year round, the heat exchange process requires much less electricity than it does for a standard air-source heat pump, which has to deal with extreme outdoor temperatures for much of the year. Your energy savings with geothermal will pay you back for the lifetime of the system.
Check your local and state tax laws to see how much more you can save above and beyond the federal geothermal tax credits. For those who live in Lorain, Erie and Cuyahoga counties, please contact us at Energy 1 Heating and Air Conditioning to discuss a geothermal heat pump system for your Northeast Ohio home.
Our goal is to help educate our customers in Lorain, Ohio about energy and home comfort issues (specific to HVAC systems). For more information about geothermal tax credits and other HVAC topics, download our free Home Comfort Resource guide.
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Energy 1 Heating & Air Conditioning
1 (440) 246-5440
Serving the Lorain, OH Area