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

You know that clean-functioning, low-maintenance, wonderfully energy-efficient geothermal heating and cooling system you’ve been dreaming about but couldn’t afford? Well, check again! Because, as of February 2018, the federal government’s 30% geothermal tax credit is now back in effect! And what was previously a financial impossibility may now be well within your grasp, be it for a new home you’re building in Scranton or for the upgrading of your current home. You’ll need to act fast, though, because the federal tax credit amount is slated to shrink from year to year through 2021.

Here are the principle facts:

  • A full 30% of the ultimate cost of your geothermal system is covered by this credit through 2019. In 2020, then, only 26% of the total cost is covered. And in 2021, just 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” means that the installation of your geothermal heating and cooling system is complete and the equipment is ready for use. But if your system is part of a new or newly renovated home, it’s considered “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 in the ground for heating and cooling and, b) fulfills all ENERGY STAR requirements at the time of installation.
  • Covered expenditures include labor for onsite preparation, assembly, or original system installation and for the piping or wiring that links your geothermal system to your home.
  • There is no limit to the credit amount.

Want more specifics? Your Scranton geothermal pros at Jim Lamberti Contracting Services, LLC will be pleased to answer any questions you have about this thrilling new opportunity to put geothermal heating and cooling to work for you – affordably!

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