Excel Energy Solutions, LLC - Latest News
Update from the most recent Stimulus Bill: Removal of caps in residential tax credits for qualified energy efficient technologies
- Dollar caps for tax credits on residential installations of small wind, solar water heating, and geothermal heat pump technologies were removed.
- These technologies now join solar electricity as qualifying for a 30% residential credit without dollar caps . Previously these dollar caps were $4000, $2000 and $2000 for wind, solar heating and geothermal respectively.
- The 30% residential credit for geothermal heat pump technology includes labor costs properly allocable to the onsite preparation, assembly and for piping or wiring to interconnect such property to the home
- To qualify for the credit, the geothermal heat pump property must meet the requirements of the Energy Star program.
Click here to read a full summary of the Federal Tax Incentives Update
Tax credits create Geothermal's 'perfect storm'
By Todd Giddings, PGWA Education Committee Chairman
We all remember when the 700 billion-dollar bailout legislation was signed into law on October 3, 2008. This legislation, called the Emergency Economic Stabilization Act of 2008, H.R. 1424, also contained long-term tax incentives to encourage the use of renewable energy technologies in both homes and businesses. The energy technologies include solar electric generation, fuel-cell electric generation, wind electric generation, and geothermal heating and cooling.
The new residential geothermal tax credit is 30% of the cost of the geothermal heat pump system up to a maximum of $2,000, and the commercial building geothermal tax credit is 10% of the cost of the geothermal heat pump systems with no cap. While the residential geothermal tax credit is effective retroactively to January 1, 2008, the commercial building geothermal tax credit is effective after October 3, 2008, the date of the signing of the legislation. Both the residential and commercial building geothermal tax credits are available until the end of 2016. Tax credits are not deductions that reduce your taxable income; they are subtracted from the federal income tax you owe.
Continued at pgwa.org
Excel Energy Solutions client featured on CNET.com
Tapping the Earth for home heating and cooling
See Excel Energy Solutions' work on CNET.com. One of our customers and her geothermal system is featured! http://news.cnet.com/8301-11128_3-10131539-54.html
Geothermal Definition of the day: LOAD : The typical private residence has a 4 ton load, Excel Energy Solutions did over 200 tons of geothermal in the second half of 2008 alone!
Cleantech Built Promo
Excel Energy Solutions is proud to announce its selection as the geothermal solutions sponsor of Cleantech Homes, LLC. A residential development and consulting company specializing in building highly efficient and automated homes, mainly LEED gold and platinum certified homes. www.cleantechbuilt.com