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 through 2023. Residential credits remain at 26% of the total installation cost through 2022, stepping down to 22% in 2023.
There are local Utility Rebates as well. 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.