Geothermal Tax Credits

The quest for a greener environment and energy conservation has led to the availability of grants and geothermal tax credits from many governments. When you use geothermal heat pumps, you're not only taking a step toward reducing emissions made by fossil fuel-based energy sources, you're also going to be saving much money because geothermal heat pumps use less energy and are more efficient than conventional heating and cooling systems. Aside from that, you may also get grants from the government when you start making your home more energy efficient.

In Canada, you can get federal ecoEnergy grants when you make energy efficiency improvements to your home. To be eligible for this, you have to find a certified energy auditor who will audit your home and tell you which areas of your home need improvements. Your home will also be assigned with an energy efficiency score. After that, you then have to find an installer who will install a geothermal system in your home and make the necessary energy efficiency improvements. After the energy efficiency system is in place, you should have your home audited again to get your new energy efficiency score. After that, your energy auditor will send a report about your home to the National Resources Canada, which will then send you a cheque.

The maximum grant available for those doing energy efficiency improvements in their home is $5,000. But you can also look for information about various tax credits provided by provincial governments, as well as loans offered by different institutions and companies. These will help you pay for the initial cost of installing a geothermal system in your home.