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You Can Afford Geothermal: Energy Tax Credits Help You Save On a Maryland Geothermal Installation
Posted on October 26, 2010 at 15:40 PM EDT
With all of the available energy tax credits from federal, state and local government for geothermal heating and cooling systems, Marylanders can cut the cost of a new geothermal installation in half!
Cooler weather is arriving in Maryland and here at BAIR Necessities we are turning up our thermostats for the first time. Fall is the perfect time to start planning and budgeting for a springtime geothermal installation, and we can help. A geothermal pump is a smart investment: geothermal systems have a 25 year lifespan, geothermal pipes come with a 50 year warranty and, over time, your geothermal pump will save a lot of money on heating and cooling. In fact, after recouping the cost of installation, a typical geothermal system will shave 70% off your heating bill and 40% off your cooling bill-an average savings of $100 a month. And geothermal energy is good for the environment. The EPA found that geothermal pumps are 48% more efficient than the best gas furnaces and over 75% more efficient than oil furnaces.
Right now, geothermal installation in Maryland is more affordable than ever, thanks to the plethora of different energy tax credits and energy rebates Maryland currently offers. In fact, because we here at BAIR Necessities are curious, we took a sample case and added up all the savings to see what we could save. The results were remarkable. If a resident of Anne Arundel County were to install a typical geothermal system (estimated 2.5 ton capacity) and were to take advantage of all of the available energy tax rebates and credits, he or she would recoup an estimated $8,250 in the first year, cutting the cost of purchase and installation in half!
Here are some of the savings that make geothermal energy in Maryland so affordable.
Savings on Geothermal Energy, Maryland:
• Save on Sales Tax: If you purchase a geothermal pump or system in Maryland, you pay no Maryland Sales Tax.
• Get a Geothermal Grant: The state of Maryland will reward you for supporting geothermal energy. They pay by the capacity of your geothermal system, so you can get $500 per ton of capacity, with a new cap set at $2,000 for residential installations. Apply at the Maryland Energy Administration.
• Maryland Energy Tax Credits: Get a break on your state income tax for supporting Maryland geothermal energy. Geothermal users can claim an energy tax credit of $0.85 per kilowatt-hour against the state income tax, for a five-year period.
In addition, many counties in Maryland offer Geothermal Energy savings:
• Anne Arundel County Energy Tax Credit: Residents of Anne Arundel County can deduct a one-time energy tax credit from their property taxes for any geothermal heating or cooling system installed after January, 2009. The tax credit is capped at $2500.
• Harford County Energy Tax Credit: Similar to Anne Arundel County, Harford County offers its residents a one-time geothermal energy tax credit of up to $2500 which may be deducted from property taxes.
• Howard County Energy Tax Credit: Homeowners in Howard County can take advantage of a big tax credit worth up to $5000 for geothermal systems. The amount of the energy tax credit is 50% of the eligible purchase and installation costs, up to $5000.
• Montgomery County Energy Tax Credit: Similar to Howard County, homeowners in Montgomery County can recoup up to $5000 of the cost of purchase and installation for geothermal systems, in an energy tax credit for use against their property taxes.
• Prince George’s County Energy Tax Credit: Just like Montgomery and Howard Counties, residents can take advantage of an energy tax credit equal to 50% of the cost of the geothermal system, up to $5000, deductible from their property tax.
Lastly, we would be remiss if we did not mention the federal energy tax credit available to all United States residents.
Federal Energy Tax Credit
• Federal Energy Tax Credit: Through their energystar program, the Federal government offers an energy tax credit for up to 30% of the purchase and installation cost of a geothermal heating and cooling system for homeowners installing geothermal systems in their primary residence or second home (rental properties are not covered at this time).
With all of these tax credits and energy rebates, geothermal installation in Maryland has truly never been more affordable. BAIR Necessities was one of the first geothermal contractors in Maryland, with over a decade of installation experience. We are also one of the few contractors to have earned a Geopro certification. Our experienced staff is happy to help you plan and budget to make your geothermal installation a reality. For more information on Maryland geothermal installation, please contact BAIR Necessities at 410.721.4142.
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