Geothermal Property Tax Breaks
Installing a Geothermal System can benefit your family in a number of ways. One amazing benefit is that becuase the geothermal system is so energy efficient our state and federal government offers property tax credits and utility incentives for all who install a system in their homes. Check out how much Indiana residents can save!
-Indiana Renewable Energy Property Tax Exemption
Systems that generate energy using solar, wind, hydropower or geothermal resources--including geothermal heat pumps are exempt from property tax. Significantly, the entire renewable energy system amd affiliated equipment, including storage and distribution, are exempt from property tax.
-Residential Energy Efficiency Tax Credit
Purchasers of qualified energy efficient property are eligible for tax credits up to the total expenditures on such property. Eligible property and the maximum credit amount for geothermal renewable energy is $300. Equipment must be new and in compliance with all applicable performance and safety standards.
-Indiana Energy Project Grant Program
The Indiana Office of energy and Defense Development (OED) is offers a grant program for renewable energy systems. Applicants must be a non-profit, agricultural, business sector. Grants are for 90% of the costs associated. The minimum grant amount is 5,000 and the maximum is 25,000.
-Alternative Power and Energy Grant Program
Grant avalible for Indiana’s public, non-profit, and business sectors. 50% of the project costs (up to a grant of $25,000) Equipment must be new and be installed between the dates of Spetember 19, 2008 and May 31, 2009 for funding.
-Residential Heat Pump Rebate
-Installation for a new closed loop geothermal system that is Energy Star certified is eligible for $1,500 rebate. Applicants must be Indiana residents and have a combinded household income under $100,000 annually. System must be installed by April 9, 2009 for funding.
-Energy Efficiency Commercial Building Tax Deduction
A tax deduction of $1.80 per square foot is available to owners of new or existing buildings who install (1) interior lighting; (2) building envelope, or (3) heating, cooling, ventilation, or hot water systems that reduce the building’s total energy and power cost by 50% or more in comparison to a building meeting minimum requirements set by ASHRAE Standard 90.1-2001.
