Are there any other types of credits or rebates?
- Yes, there is up to $5,125 available in rebates from NYSERDA’s (New York State Energy Research and Development Authority) Green Building program. The amount you receive depends on the size of your home. The rebate is $3.75/ft of occupied space. Which translates into a home with 1,367 livable square feet qualifies for the maximum $5,125.
- Yes, there is also $600 available from Central Hudson for the installation of an efficient A/C system, which the geo system is.
Are there eligible tax credits for geothermal heat pumps?
| How much: | 30% of the cost (including installation/labor costs), with no upper limit. |
| Timing: | Tax credit in effect in through 2016. Must be installed in a home you own and use as a residence (no rentals, but second homes qualify) between January 1, 2009 and December 31, 2016. |
| Details: | Must meet the requirements of the ENERGY STAR program which are in effect at the time that the expenditure for such equipment is made. What parts of a geothermal heat pump are covered by the tax credit?As of December 1, 2009, geothermal heat pumps are no longer required to provide some or all of the domestic water heating. As of December 1, 2009, water-to-water geothermal heat pumps can qualify for the tax credit. |
| Find qualified models: | All ENERGY STAR qualified geothermal heat pumps are eligible for the tax credit: |
| How to apply: | File Tax Form 5695 with your tax return. |
How do geo-thermal heat pumps work?
Click Here for an explanation.
Is there any other type of assistance or financing for these systems?
- Yes, currently there is a low income finance program available through NYSERDAwhich will finance up to $20,000 for ten years. There are income limits on this residential loan program.
- There is private banking financing solutions through EFS. EFS originates “NY Home Performance with ENERGY STAR” (HPwES) loans on behalf of the New York State Energy Research and Development Authority (NYSERDA). Click Hereand visit the EFS Loans page.
- There is also private banking financing solutions through “The Lending Club” as well. Click Here and visit the Lending Clubs Green loan page.
Are any products currently eligible for a tax credits for energy efficient home improvements?
Yes, tax credits are still available for the following products (through 2016):
Are GSHP systems guaranteed?
All Hudson Valley Geo GSHP systems carry manufacturers warranties for major components that are equivalent to the warranties for conventional heating and cooling systems. Manufacturers of HDPE pipe used for ground loops warrant their products for 50 years.
Have the tax credits been extended for 2012?
The tax credits for the following products have EXPIRED as of December 31, 2011:
- Windows and Doors
- Insulation
- Roofs
- HVAC
- Central Air Conditioners
- Air Source Heat Pumps
- Furnaces and Boilers
- Water Heaters
- Gas, Oil, & Propane Water Heaters
- Electric Heat Pump Water Heaters
- Biomass Stoves
How effective is this underground system?
The buried pipe, or ground loop, is the most recent technical advancement in heat pump technology. Recently, new heat pump designs and improved buried pipe materials have been combined to make ground loop GSHP systems the most efficient heating and cooling systems available.
How efficient is a GSHP?
The GSHP is one of the most efficient residential heating and cooling systems available today, with heating efficiencies 50 to 70% higher than other heating systems and cooling efficiencies 20 to 40% higher than available air conditioners. That directly translates into savings for you on your utility bills.
How long will my GSHP system last?
GSHPs are durable and highly reliable. The GSHP contains fewer mechanical components, and all components are either buried in the ground or located inside the home, which protects them from outside conditions. Hudson Valley Geo installed GSHP systems carry a 10-year mechanical warranty and a 50-year warranty on the installed ground loop.
How much does a GSHP cost?
The initial investment for a GSHP system is greater than that of a conventional system. However, when you consider the operating costs of a geothermal heating, cooling, and water heating system, energy savings quickly offset the initial difference in purchase price.
How will I save money with a GSHP?
GSHPs save money, both in operating costs and maintenance costs. Investments can be recouped in as little as three years. There is a positive cash flow, since the energy savings usually exceeds payment on the system.
In extremely cold climates are additional heat sources necessary?
All systems require an emergency back up. Heat pumps can provide all the heat necessary even in the coldest weather. An economic analysis by your contractor should dictate what portion of the heat should be provided by the heat pump and what portion by auxiliary means.
What are the environmental benefits of GSHP systems?
Currently installed systems are making a huge difference in our environment! The systems are eliminating more than three million tons of carbon dioxide and is equivalent of taking 650,000 automobiles off the road. GSHP systems conserve energy and, because they move heat that already exists rather than burning something to create heat, they reduce the amount of toxic emissions in the atmosphere. They use renewable energy from the sun, and because the system doesn’t rely on outside air, it keeps the air inside of buildings cleaner and free from pollens, outdoor pollutants, mold spores, and other allergens.
