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TechGromit
Registered Users
Basic Member
Posts:450
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| 10/29/2008 7:13 AM |
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I think they sould tier the rebates by how efficent you unit is. 3.3 / 3.6 COP units are entry level units, larger rebates should be offered for systems that exceed these numbers, say a bigger rebate for 4.2 COP and the maximum rebate for 4.8 COP systems. |
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macalata
Registered Users
New Member
Posts:26
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| 11/06/2008 7:11 PM |
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| I, too, heard about the tax credit but have found conflicting information regarding whether the tax credit could be taken in 2008 or is effective beginning on 1/1/09. I have spoken with the IRS 3 times...first time it was yes, tax credit was retroactive, 2nd time no, no deal until 1/1/09, 3rd time, a draw as we together looked online for more info. Waterfurnace.com has some good links that seem to indicate the tax credit is effective as of 10/3/08. So does anyone know for sure????? I want to have a geothermal installed now, rather than the spring, but not at the cost of a significant tax credit. |
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geodean
Registered Users
Veteran Member
Posts:1085
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| 11/06/2008 7:20 PM |
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The following is posted on GeoExchange.org.
The Emergency Economic Stabilization Act of 2008, H.R. 1424, which became law on October 3rd, contains long-term tax incentives to encourage the use of renewable energy technologies in homes and businesses, including geothermal heat pumps.
Homeowners may qualify for an income tax credit of 30 percent of the
expenditure for an Energy Star geothermal heat pump system, up to a
maximum credit of $2,000. It should apply to expenditures in 2008 all
the way up to 2016.
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Dewayne Dean
PalaceGeothermal.com
Why settle for 90% when you can have 400%
We heat and cool with dirt!
visit- http://welserver.com/WEL0114/- to see my system |
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macalata
Registered Users
New Member
Posts:26
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| 11/06/2008 8:03 PM |
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| THank you (for both my answers!) |
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Pipemajor
Registered Users
New Member
Posts:32
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| 11/12/2008 12:02 AM |
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Turnabout is fair play. We bought a hybrid sedan last year and missed a $1300 tax credit by 7 days. We had to settle for a $650 credit.
But... I just signed my paperwork for a 4 ton WaterFurnace GSHP which they say can be completed within 30 days.
I'll be taking my $2000 tax credit off this year's taxes - not to mention enjoying the benefits of this highly efficient and comfortable heat source.
Thank you Senate Democrats!
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Kelly Boed
Registered Users
New Member
Posts:16
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| 11/14/2008 2:05 PM |
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The Energy Star site has updated infomation which should reassure anyone wondering....the credit is available for units installed from January 2008 to Dec 31st of 2016:
"All ENERGY STAR labeled geo-thermal heat pumps qualify for the tax credit.
Manufacturer's Certification Statement3 required.
For tax purposes, save your receipt and the Manufacturer's Certification Statement.
Use IRS Form 5695
Must be “placed into service” between Jan. 1, 2008–Dec. 31, 2016."
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Kelly Boed
Registered Users
New Member
Posts:16
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| 11/14/2008 2:08 PM |
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| Oh, and one more comment. The folks who installed our Geothermal in March of 2008 were kind enough to make a courtesy call to us to let us know that we are eligable for this credit. They even have a link to the energy star site on their website so that customers have access to the forms. These folks really do a great job of selling as well as installing and following up! As a customer I really appreciate that they are looking out for us even after the fact...they get a LOT of great references from us. |
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geodean
Registered Users
Veteran Member
Posts:1085
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| 11/14/2008 2:11 PM |
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| Kelly, how about if you give your installer a plug on the forums and let us know who he is. |
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Dewayne Dean
PalaceGeothermal.com
Why settle for 90% when you can have 400%
We heat and cool with dirt!
visit- http://welserver.com/WEL0114/- to see my system |
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Kelly Boed
Registered Users
New Member
Posts:16
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| 11/14/2008 4:42 PM |
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| Our installer was Summit Mechanical based in Duluth Minnesota. They did an excellent job of sitting down and answering all of our questions prior to our decision. They also put together a packet of information about Geothermal and included a list of homes that they had done installation on and encouraged us to phone for references (we are now proudly on the list and get a call every month or so.) They suggested low interest financing options tied to our local utility company and they made sure we knew about a rebate available from the power company. They were very respectful of our home and cleaned up the area each night before they left the basement (they needed to do some fairly extensive ductwork as it was a retrofit to a forced air system.) These guys were quiet! You hardly knew they were in the house. They showed up at the same time each morning and were out of the way by 5 pm each evening. The entire install took one week. They handled the dig very well, considering we live on red clay and they dug mid winter, they waited until spring to finish grading the dig....really nice as we had a LOT of settling over the spring. They promised to grade it to our satisfaction and they most certainly did. I am proud to have a sign at the end of our driveway that advertises Geothermal installed by Summit...they are great! |
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geodean
Registered Users
Veteran Member
Posts:1085
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| 11/14/2008 4:53 PM |
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| Nice.... it sure is good to hear from a happy customer. |
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Dewayne Dean
PalaceGeothermal.com
Why settle for 90% when you can have 400%
We heat and cool with dirt!
visit- http://welserver.com/WEL0114/- to see my system |
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pkamp
Registered Users
New Member
Posts:3
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| 12/19/2008 3:02 PM |
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I had GeoThermal installed this year and just read the "Emergency Economic Stabilization Act of 2008" bill. It would appear, if myself and my tax preparer read it correctly, that 2008 is not included. It is not retro-active to January 1, 2008, but begins again January 1, 2009. I hope we are completely wrong. I would hate to think I missed the boat on this. Tell me what you think...
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geodean
Registered Users
Veteran Member
Posts:1085
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| 12/19/2008 3:04 PM |
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Posted By Kelly Boed on 11/14/2008 2:05 PM
The Energy Star site has updated infomation which should reassure anyone wondering....the credit is available for units installed from January 2008 to Dec 31st of 2016:
"All ENERGY STAR labeled geo-thermal heat pumps qualify for the tax credit.
Manufacturer's Certification Statement3 required.
For tax purposes, save your receipt and the Manufacturer's Certification Statement.
Use IRS Form 5695
Must be “placed into service” between Jan. 1, 2008–Dec. 31, 2016."
Here is the hope you need :)
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Dewayne Dean
PalaceGeothermal.com
Why settle for 90% when you can have 400%
We heat and cool with dirt!
visit- http://welserver.com/WEL0114/- to see my system |
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Kelly Boed
Registered Users
New Member
Posts:16
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| 12/19/2008 3:15 PM |
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Check out this website:
DSIRE is a comprehensive source of information on state, local, utility, and federal incentives that promote renewable energy and energy efficiency.
http://www.dsireusa.org/library/includes/incentive2.cfm?Incentive_Code=US37F&State=federal¤tpageid=1&ee=0&re=1
This is their current updated posting on the Geothermal tax credit. You probably want your tax preparer to dig a bit further as this is definitely retroactive to 2008.
Geothermal heat pumps
Maximum credit of $2,000.
Systems must be placed in service from January 1, 2008, through December 31, 2016.
The geothermal heat pump must meet the requirements of the Energy Star program which are in effect that the time the installation is completed.
In case of joint occupancy, the maximum qualifying costs that can be taken into account by all occupants for figuring the credit is $6,667. This does not apply to married individuals filing a joint return. The credit that may be claimed by each individual is proportional to the costs he or she paid.
The home served by the system does not have to be the taxpayer’s principal residence.
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pkamp
Registered Users
New Member
Posts:3
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| 12/19/2008 3:25 PM |
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From the Energy Star website:.
.....................................................................................................................................
Federal Tax Credits for Energy Efficiency
<script type="text/javascript"></script>
On October 3, 2008, President Bush signed into law the “Emergency
Economic Stabilization Act of 2008.” This bill extended tax credits for
energy efficient home improvements (windows, doors, roofs, insulation,
HVAC, and non-solar water heaters). Tax credits for these residential
products, which had expired at the end of 2007, will now be available
for improvements made during 2009. However, improvements made during
2008 are not eligible for a tax credit.
Home improvement tax credits are available for home improvements “placed in service”
from January 1, 2009 through December 31, 2009. Any qualified home
improvements made in 2008 are not eligible for the tax credit. .....................................................................................................................................
This is what I found... Where do you see that it's retro-active to Jan 1, 2008? I appreciate your help.
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Brock
Registered Users
Basic Member
Posts:444
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| 12/19/2008 3:56 PM |
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| We were roughing in our taxes (to figure out if we should pay property tax now or wait) and nowhere in Turbo Tax did it ask about geothermal, so we called them. The person I spoke with said the same thing, geothermal was not an eligible deduction for 2008, it was for 2007 and will be for 2009, but not 2008. Our system was installed in August of 2007 but we didn't move in until April of 2008, so I really don't know how this works for us either. |
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Green Bay, WI. - 4 ton horizontal, 16k gallon indoor pool, 1.8kw solar PV setup, 3400 sq ft |
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rjspence
Registered Users
New Member
Posts:3
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| 12/19/2008 4:12 PM |
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I simply read the bill for 2008. It has no provisions for 2008 from my understanding. It's not all that difficult to understand. You have to read the(a),(A) to see that some of the items are coal and other energy strategies. But as far as the GeoThermal units being applicable for deduction for a 2008 installation, it's just not there from what I see. In terms of the bill being proactive allowing you to deduct based on prior years... not that I see no.
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Kelly Boed
Registered Users
New Member
Posts:16
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| 12/19/2008 4:12 PM |
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I'd say Turbotax is wrong
Here's the information again...from the energy star website at:
http://www.energystar.gov/index.cfm?c=products.pr_tax_credits
This is the information as posted on the site NOW....in the past it HAD said that it was not for 2008, but that has been amended. I contacted the manufacturer of our unit, they confirmed this information and we received a phone call from our installer letting us know that this was put in place for units put into service in 2008
Go to the link and click on Tax Credits for Consumers and you will see:
Geo-Thermal Heat Pump Same criteria as ENERGY STAR:
Closed Loop:
EER >= 14.1
COP >= 3.3
Open Loop:
EER >= 16.2
COP >= 3.6
Direct Expansion:
EER >= 15
COP >= 3.5
30% of the cost, up to $2,000. All ENERGY STAR labeled geo-thermal heat pumps qualify for the tax credit.
Manufacturer's Certification Statement3 required.
For tax purposes, save your receipt and the Manufacturer's Certification Statement.
Use IRS Form 5695
Must be “placed into service” between Jan. 1, 2008–Dec. 31, 2016.
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Kelly Boed
Registered Users
New Member
Posts:16
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| 12/19/2008 4:16 PM |
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In addition...our installer has the link to energy star on their website...http://www.summitmech.net/
again....scroll down to the HVAC area. |
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rjspence
Registered Users
New Member
Posts:3
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| 12/19/2008 4:23 PM |
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Use IRS Form 5695
Not a valid 2008 form as far as I know. Would you then use the 2007 5695 on 2008 taxes? Tax man says no energy deductions for 2008. Any ideas? |
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Masoud
Registered Users
Basic Member
Posts:116
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| 12/19/2008 4:30 PM |
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A draft copy of IRS Form 5695 for 2008 is available at IRS site, dated Dec 16, 2008. It clearly allows for $2000 geothermal credit. Simply Google IRS Form 5695.
Regards, Masoud |
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