Incentives for Change
Geothermal systems will reduce your monthly heating and cooling bill by 50-75%. Geothermal can reduce domestic hot water costs by 20-70%. Savings vary dependent on the type of energy you are currently using. (For example, LP is more expensive than NG.) Innovative Energy will calculate the savings and include them in your proposal. Innovative Energy will provide a KW meter to measure the actual use of energy of your geothermal system after it is installed.
There is a Federal Tax Credit for geothermal heat pump installations. In August of 2022 congress passed an extension of the ITC raising it to 30% for installations between 2022-2032. After 2032 the tax credits will decrease to 26% in 2033 and then to 22% in 2034.
There are local Utility Rebates as well. Polk Burnett utility company offers rebates of up to $500 per ton. Check out www.dsire.org to research potential incentives for renewable energy systems in your location.
Minnesota Center for Energy and Environment (CEE)
CEE offers low interest home energy loans for Minnesota homeowners to make energy improvements in their homes. Call CEE at 612-335-5884 for more information.
A ground source heat pump can save on average 4 tons of CO2 a year, and up to 50% of your annual carbon footprint. A geothermal system emits zero CO2 emissions.