GeothermalGeothermal energy is a form of renewable energy derived from heat deep in the earth's crust. Geothermal Energy has been around for as long as the Earth has existed. "Geo" means earth, and "thermal" means heat. So, geothermal means earth-heat.
Geothermal Heat Pumps circulate water or other liquids through pipes buried in a continuous loop (either horizontally or vertically) next to a building. Depending on the weather, the system is used for heating or cooling.
Heating: Earth's heat (the difference between the earth's temperature and the colder temperature of the air) is transferred through the buried pipes into the circulating liquid and then transferred again into the building.
Cooling: During hot weather, the continually circulating fluid in the pipes 'picks up' heat from the building - thus helping to cool it - and transfers it into the earth.
Geothermal Heat Pumps use very little electricity and are very easy on the environment.
Innovative geothermal heat pumps tap into the earth's surface, using the energy and relatively consistent heat found in the earth, a pond, or well water instead of using outside air like traditional heat pumps. Geothermal heat pumps provide both cooling and heating to your home and are able to maintain the highest efficiency on even the coldest winter nights or the hottest summer days.
Geothermal Tax Credit Information:
A taxpayer may claim a credit of 30% of qualified expenditures for a system that serves a dwelling unit located in the United States and used as a residence by the taxpayer. Expenditures with respect to the equipment are treated as made when the installation is completed. If the installation is on a new home, the "placed in service" date is the date of occupancy by the homeowner. Expenditures include labor costs for onsite preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. The excess credit can be carried forward until 2016, but it is unclear whether the unused tax credit can be carried forward after then. The maximum allowable credit, equipment requirements and other details vary by technology, as outlined below.
Geothermal heat pumps
- There is no maximum credit for systems placed in service after 2008. The maximum credit is $2,000 for systems placed in service in 2008.
- Systems must be placed in service on or after January 1, 2008, and on or before December 31, 2016.
- The geothermal heat pump must meet federal Energy Star program requirements in effect at the time the installation is completed.
- The home served by the system does not have to be the taxpayer’s principal residence.
With today's rising uncertainty surrounding utility costs, homeowners nationwide are becoming more and more interested in finding the best, most economical solution for indoor heating and cooling.
Carrier specializes in creating customized home comfort systems tailored to your needs with a broad selection of residential heating and cooling products. Your Carrier HVAC dealer can help you choose the best system for your home, including a HYBRID HEAT dual fuel system designed to deliver maximum comfort and economy.
HYBRID HEAT dual fuel systems deliver exceptional performance by using a heating source that provides its most energy-efficient comfort during moderate heating conditions. As the temperature drops outside, the system automatically switches to your second heating source when that becomes the most economical way to keep your family comfortable.