Ridge Air Conditioning and Heating Panama City FL

Air Conditioning & Heating Solutions

1319 St Andrews Blvd, Panama City, FL 32405

Request Air Conditioning or Heating Service

 

Blog Detail

Back

The Energy Credit expires soon – Don’t miss out

September 14, 2016

 

The Energy Credit expires soon – Don’t miss out

In October 2008, geothermal heat pumps were added to section 25D of the Internal Revenue Code. This created a 30% tax credit for costs associated with qualified geothermal equipment “placed in service” through the end of 2016. Property is usually considered to be placed in service when installation is complete and equipment is ready for use. However, if the system is part of the construction or renovation of a house, it’s considered placed in service when the taxpayer takes residence in the house.

 

• 30% of total system cost

• No limit to credit amount for 2009 and beyond

• Can be used to offset alternative minimum taxes tax

• Can be used in more than one year

• Can be combined with solar and wind tax credits

• Can be combined with energy efficiency upgrade credits

 

What’s Eligible?

Geothermal equipment that uses the stored solar energy from the ground for heating and cooling, and that meets Energy Star requirements at the time of installation is eligible for the tax credit. Covered expenditures include labor for onsite preparation, assembly, or original system installation and for piping or wiring to connect a system to the home. The structure must be located in the United States and used as a residence by the taxpayer, although primary residency isn’t required. In fact, if geothermal is installed in more than one home, there’s no limitation on the number of times the credit can be claimed.

 

What’s Not Eligible?

The credit can’t be claimed for spending on equipment used solely for hot tub or pool conditioning, nor on previously used equipment.

 

How to claim the Credit

Use IRS Form 5695 (2008) to claim the Residential Energy Efficient Property Credit. For property placed in service after 2009 there’s no limit on the credit amount. The tax credit can be used to offset both regular income taxes and alternative minimum taxes . If the federal tax credit exceeds tax liability, the excess amount may be carried forward into future years. Spending on geothermal heat pump property adds to your home’s cost basis, but also must be reduced by the amount of the tax credit received.

 

Print Story      Email Story

 

Call Ridge Today!

1319 St Andrews Blvd
Panama City, FL 32405

 

(850) 763-0331 office

 

Ridge Air Conditioning & Heating of Panama City FL

 

Contact us today for all of your

air conditioning and heating needs.

Request Air Conditioning Service Contact Ridge Air Conditioning & Heating

Ridge Air Conditioning & Heating of Panama City FL

 

2018 © Ridge Air Conditioning & Heating

License # CAC058107  |  Login

Website design by Aaron Rich Marketing

Navigate

 

Home

About Us

Our Services

Resources

Contact Us

Service Request

Business Hours

Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Closed

7:00am-5:00pm

7:00am-5:00pm

7:00am-5:00pm

7:00am-5:00pm

7:00am-5:00pm

7:00am-4:00pm

After hours service is also available.

Navigate

 

1319 St Andrews Blvd
Panama City, FL 32405

 

(850) 763-0331 office