To qualify:
the systems must meet or exceed EnergyStar requirements and be installed
after December 31, 2007. While units installed in 2008 are subject to a
$2,000 cap on the credit, units installed from 2009 through 2016 can
take advantage of the full credit. Owners can file for the credit by
completing the Renewable Energy Credits subsection on their tax return
forms for 2008. For taxpayers that are subject to the Alternative
Minimum Tax, they can claim the credit on their taxes for the following
year. 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 product
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 tax credit is available through December 31, 2016.
Consult your local tax professional for advice on taking advantage of
the tax credit, as this announcement is not intended as a recommendation
or endorsement of any financial strategy.
