Available HVAC Tax Credits, Rebates, & Incentives

We will do our best to post new and applicable tax credits, rebates and incentives that may help you during and after your purchase of a new system or equipment from Ray’s HVAC.

taxCredits

Geothermal Tax Credits

Home and Commercial Building Owners Geothermal Tax Credit

An exciting new tax credit is now available for home and commercial building owners who install geothermal heating and cooling systems through the 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 or ground water 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 Credits 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, as this announcement is not intended as a recommendation or endorsement of any financial strategy.

Download the brochure: Understanding the Federal Tax Incentives” href=”http://rays-hvac.com/wp-content/uploads/geothermal-tax-incentives.pdf” target=”_blank”>Understanding the Federal Tax Incentives
Compliance Certificate: WaterFurnace units that qualify for the tax credit

Helpful Resources

Vectren Residential Rebates & Incentives

Vectren Residential Rebates & Incentives

Get more information on: http://vectren.com/Save_Energy/Residential_Rebates_&_Incentives.jsp?sstate=IN

Indiana Duke Energy Utility Rebates

Save Up to $200 on a New HVAC Install

Is it time to replace your old, worn-out heating and cooling system? If your heating and cooling equipment is more than 10 years old or isn’t making your home as comfortable as you’d like, consider installing a high-efficiency system. It will help:

  • Make your home more comfortable
  • Reduce your energy usage and carbon footprint
  • Save you money for years to come

And the best part? If your new equipment meets our eligibility requirements, you could get a $200 rebate!

Learn more at: http://www.duke-energy.com/indiana/savings/hvac-install.asp

Indiana Renewable Energy Rebates & Programs

Database of State Incentives for Renewables & Efficiency®

DSIRE is the most comprehensive source of information on incentives and policies that support renewable energy and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University and is funded by the U.S. Department of Energy. Follow the navigation above to read about the history of DSIRE, the partners on the project, and the research staff that maintains the policy and incentive data in DSIRE.

View all Indiana Programs & Incentives: http://programs.dsireusa.org/system/program?state=IN

Kenergy Residential & Commercial Rebates

Kenergy offers rebates to both its residential and commercial/industrial members.

Kentucky Incentives/Policies for Renewables and Efficiency

Learn about corporate tax credits, loan programs and utility rebate programs connected to energy-efficiency measures, and read about the incentives and policies for Kentucky.

See the overview page for these programs here: http://www.kenergycorp.com/incentives-rebates/

Geothermal Tax Credits

An exciting new tax credit is now available for home and commercial building owners who install geothermal heating and cooling systems through the 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 or ground water 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 Credits 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, as this announcement is not intended as a recommendation or endorsement of any financial strategy.

Helpful Resources
– IRS tax code summarized – United States Code Title 26
– More information about the “Residential Renewable Energy Tax Credit”
– Find additional tax incentives that may be available in your state: www.dsireusa.org
– Federal tax credit detail: Energy Star requirements