Geothermal

 

Geothermal heating and cooling is not a new concept. In 1986 Wideman Well Drilling drilled its first geothermal well. With rising costs to energy and the need to be eco friendly, geothermal drilling is now playing a larger part of the work performed.

Four years ago Wideman Well Drilling, Inc. created a division with personnel and equipment dedicated solely to energy saving through passive solar energy called Geothermal.

A closed loop system shows a typical system with fluid circulated through the the piping in the ground. The groud temperture in Missouri is a constant 55 degrees year round. In the summer heat is pulled out of the house and is transferred to the fluid in the loop. When the fluid is circulated contact with the ground cools down the fluid. In the winter the opposite happens.

U.S. House & Senate Pass Legislation Expanding Tax Credits for Geothermal Heat Pump Installations As part of the Emergency Economic Stabilization Act of 2008, HVACR tax incentives for homeowners and businesses were extended. With the new American Recovery and Reinvestment Act of 2009, the $2000 tax credit limit has been removed. Key information is as follows: The new legislation covers installations from January 1, 2009 through December 31, 2016.

Homeowners who install geothermal systems may be able to claim up to 30% of the installed cost in tax credits in the year the system is placed into service. (Capped at $2000 for system installed in 2008 - No cap for 2009 and beyond). An extension of the Commercial Building Tax Deduction until 2013 that allows building owners to deduct up to $1.80 per square foot for improvements in overall performance.

Please consult your local GeoComfort Dealer for more information!

Note: All information is based upon our understanding of the legislation. Consult your local tax professional for the latest information.