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The Emergency Economic Stabilization Act of 2008, H. R. 1424, became law on October 3, 2008. Included were tax credits for alternative energy systems among which are geothermal heat pumps.
The language of the bill establishes a one-time tax credit for 30% of the cost of job, up to $2,000, for units that meet the tax credit specification of minimum efficiencies of 14.1 EER/3.3 COP for closed (ground) loop or 16.2 EER/3.6 COP for open (ground water) loop, and 'placed in service' between January 1, 2008 and December 31, 2008.
Qualifing models 'placed in service' between January 1, 2009 and December 31, 2016, are eligible for a one-time tax credit of 30% of the installation cost (no maximum dollar amount limitation) under the American Recovery and Revitilization Act of 2009.
It is recommended to consult with a tax preparer about receiving this credit. 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 system 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 taxpayer must have a copy of the Manufacturer's Certification (see link below). A copy of the Manufacture's Certification document is not submitted with the taxpayer's return, but must be retained by the taxpayer for tax records
Bard geothermal heat pumps qualifying for the tax credit:
R-410A Models |
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R-22 Models |
GV27S1-A
GV38S1-A
GV51S1-A
GV61S1-A
GV71S1-A |
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GSVS241-A
GSVS302-A
GSVS361-A
GSVS421-A
GSVS481-A
GSVS601-A |
Bard Geothermal Heat Pump Tax Credit Bulletin Link
Bard's Manufacturer’s Certification Statement Link
2009 IRS Residential Energy Credit Form#5695
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