Federal Incentives
An exciting new tax credit is now available for
home and commercial building owners who install
geothermal heating and cooling systems through
Energy Improvement and Extension Act
of 2008 (H.R. 1424)
. H.R. 1424 offers a onetime
tax credit of 30% of the total investment for
homeowners who install residential ground loop
geothermal heat pumps. A credit of 10% of the
total investment is also available (no maximum)
for a commercial system installation.

To qualify, the systems must meet or exceed
EnergyStar requirements and be installed after
December 31, 2007. While units installed in 2008
are subject to a $2,000 cap on the credit, units
installed from 2009 through 2016 can take
advantage of the full credit. Owners can file for
the credit by completing the
Renewable Energy
subsection on their tax return forms for
2008. For taxpayers that are subject to the
Alternative Minimum Tax, they can claim the credit
on their taxes for the following year. No proof of
purchase will be required; however, in case of an
audit, owners are encouraged to keep a detailed
invoice of their purchase on file. The contractor
who sold and installed the product should list the
purchase as a "Geothermal Heat Pump" on the
invoice and that it "Exceeds requirements of
Energy Star program currently in effect".

The tax credit is available through December 31,
2016. Consult your local tax professional for
advice on taking advantage of the tax credit.
North Carolina Tax Incentives
Database of NC Incentives for Renewables and Efficiency provides
financial incentives for the state of NC.

Geothermal heat pump systems can reduce a home's annual
energy costs by up to 70%.

A home still needs the same quantity of heat to maintain thermal
comfort, but with a geothermal system, most of this heat comes from
a free source - the ground. Overall energy consumption of the home
remains the same, but as seen below a significant portion (here it is
59%) of the energy consumed is free!
Tax Incentives - Save Now!
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Database of State Incentives for Renewables & Efficiency
DSIRE is a comprehensive source of information on state, local, utility and federal
incentives and policies that promote renewable energy and energy efficiency.
Established in 1995 and funded by the U.S. Department of Energy,
DSIRE is an
ongoing project of the N.C. Solar Center and the Interstate Renewable Energy
Financing - Energy Efficient Mortgage
An Energy Efficient Mortgage (EEM) is a mortgage that credits a home’s energy
efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-
effective, energy-saving measures as part of a single mortgage and stretch debt-to-
income qualifying ratios on loans thereby Energy Star logo allowing borrowers to
qualify for a larger loan amount and a better, more energy-efficient home. For more
information go to the
EnergyStar website.
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Geothermal Incentives
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