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The primary reason to consider our GeoSmart Technology system is to save on your monthly utility bill, but another consideration is the tax incentives and financing available to homeowners.
Claim a 30% tax credit on the total investment for this hybrid geothermal system with the American Recovery and Reinvestment Bill of 2009. The new tax credits expire on December 31, 2016. To qualify for the tax credit, residential systems must meet Energy Star requirements. GeoSmart Technology by Geremia is eligible. Homeowners simply file by completing form 5695—the Residential Energy Efficient Property Credit on their federal tax return.
In addition, you can get up to 100% financing of any fixed property energy efficient improvements under the newly passed California AB811 Bill. Most cities and counties will be creating assessment districts that will provide this financing. Contact your local Tax Collection Division to learn more about your area. Property owners repay the installation cost through their property tax bill. If the property is subsequently sold, the assessment contractbalance is transferred to the new owner.
“Geothermal energy will have beneficial effects on the economy,” according to Tim Shields, WaterFurnace International Chairman of the Board. “Geothermal heat pumps… are made in the United States. Every system installed requires skilled U.S. labor, and more installations mean more jobs. This is a homegrown solution to the energy crisis and a very good way to address the financial crisis at the same time.”
It’s smart to take advantage of the tax incentives and the 100% financing to help fight soaring energy prices. One thing we can count on, long-term, is that energy prices are not going down!
