Betty asks…
How do you go about claiming a geothermal tax credit on a new construction home?
Do you need to pay directly up front for the entire system, or can the builder cover the cost, and when you purchase the home would you then get the credit?
so if im hearing right i cant just get an itemized receipt from the builder and tie it into the house cost, i have to pay up front? the builder doesnt really seem to know much about it
adminsta answers:
The builder gets the credit and presumably passes it on to you as a price reduction.
Laura asks…
What if I don’t pay as much taxes as the federal tax credit (30% of the cost) for a geothermal system?
Let’s say the 30% of the cost amounts to $12,000 but I only pay $10,000 in taxes in 2009. May I carry forward the balance to 2010?
adminsta answers:
Read the form when it comes out.
Geothermal is already on the 2008 form and the act extended the ability to claim it. Since the 2008 form carries the credit forward, you should be in luck.
Sandra asks…
I bought super low E windows and thought I would get a tax credit. CPA can’t find anything on it. Can you help?
CPA says she found tax credits for wind, geothermal, and solar additions to the house as a tax credit of up to $300. She can’t find anything on my windows, which cost up about $700 each and I was told I’d get a $300 tax credit for buying and installing them.
adminsta answers:
If you bought them in 2008, there is no tax credit. We had one for 2007 and again for 2009, but Congress gave no energy credits for 2008.
Your issue is with your salesperson for the windows.
Helen, EA in PA
Mandy asks…
No tax credit for the MOST EFFICIENT home Heating/Cooling technology?!?!?
Why doesn’t Geothermal have tax credits?
There are tax credits for new windows, siding, solar, etc. so why not for the MOST efficient heat/cool technology?!?!
If there are some that I am unaware of can someone give me some links to them please? Thanks
Hi morgan, thanks for the answer. I have a few details to add.
–> It sounds like you’re confusing the types of geothermal (or maybe are unaware of the difference). I think you’re talking about using very high temp to generate steam pwr in more of a commercial setup. I’m talking about home use where you just dig a hole or run it 6-7′ horizontally underground. It works because even when it’s -40deg above ground its still 50-60deg 6-7′ down. The geothermal unit exchanges the cold air in the house for warmer air outside. Think air conditioner in reverse. If you’ve ever felt the temp coming from an A/C unit outside you know it’s hot.
–>Basically, anyone can use this technology if you have 1/4 acre or more. If you have no land you can use above ground heat pumps that are a little less efficient.
Thanks again for the answer; have a great day. Feel free to reply.
adminsta answers:
Because of Bush. He’s set us back 30-40 yrs on environmental issues. Things that should be done:
-Slap higher mpg requirements on cars/trucks.
-Take away the incentives that big oil no longer needs and give them to alternative technology.
-Enforce EPA regulations.
If we could do things like build the SR-22, go to the moon, etc. In short order (when we put our minds and $$ behind it); we could fix/innovate our energy problems in a year or two if the right amount of support was behind it!!.
Yes, it can be done in the open mkt without gov’t help but if oil can get subsidies there’s NO reason that Alt Energy shouldn’t get even more $$$. Additionally, the gov’t backing ($$) will speed up the process!!
———————-
Time for Bush to get the BOOT!!
Time to put $$ and tax credits behind Alt Energy solutions!!
Time to fix our Medical Issues. I.e. Out of control costs that are driving companies and even Cities into the RED!!
Time for flat tax!!
Time to fix SS!!
Sorry for the tone, have a nice day.. 
Powered by Yahoo! Answers