I live in MN and have been considering geo for a new contruction build. I was happy to hear about the 30% federal tax credit from the federal government. I did some research recently and found their is a possibility of additional cost savings. The MN Department of Commerce published a document that says REBATES for geo will be available that is the lesser of $10,000 or 35% cost plus installation of a geo system. I called the person whose name was on the publication. The person told me that this REBATE would be in addition to the federal tax CREDIT. Unfortunately, the Department of Energy has halted the funding until it receives environmental impact statements from the state governments. If the funds become available (maybe summer of next year) there may be an additional amount of money I can put towards reducing the cost of geo. Apparently 42 other states have the same scenario. Has anyone else heard this? That would put the cost of a geo system well below any high efficiency system that I have priced out. Plus my local Utility company offers $400/ton rebate. Things are looking better and better for geo!

Visit dsireusa.org for incentive info

From what I took from the person at the MN State Commerce Dept, there are bigger rebates that are potentially going to be available and can be used in conjunction with the 30% federal tax credit. I've been to the website mentioned and most of the rebates listed there are from local utility companies (relatively small dollars). I think the DOE (Department of Energy) is giving money to the state Commerce Department and they are distributing funds for things like geo, solar, wind etc. I was just curious if anyone else has heard of this.

In New Jersey I had the option of a Cash Rebate or a low interest loan to finance the system. I picked the loan, a ten year unsecured loan at 6%.  I plan to have to system paid off in a little over 5 years. The program been expanded since last year, I only got a 2,000 Federal rebate, if I had the system installed in 2009, I could have gotten $4,500 tax credit and a 50% cash rebate, up to $10,000 and a 0% interest loan if estimated heating savings are 25% or greater.

 

 

600, That sounds like the "Cash for Appliances" program which is a federal stimulus program similar to the "Cash for Clunkers" program but for efficient appliances. But this one (even though a Federal program) is being run through the States so each State has proposed their own different version of the program that they will administer for the Federal government. All the State programs have to be approved by the Feds and that is going on now and most States will have approval by summer.

I wish my state was going to offer a nice rebate like that for geo. I think it is only going to be around $500.

The most important thing is that you cannot purchase/install the appliance until the approved start date - if you get it early then no $. The second most important thing is that there is a fixed amount of $ available and when it's gone - no $.

So you may have a very narrow window of opportunity.