Federal Geothermal Heat Pump Tax Credit

Geothermal heat pump systems for residential applications (new, retrofit, primary, and non-primary residences) receive a 30% tax credit starting January 1, 2009 through December 31, 2016. (The $2,000 limit for the 2008 tax credit has been removed for 2009 and later years.)

North Carolina

Renewable Energy Tax Credit - Personal

Date Effective:1/1/2009 Expiration Date:12/31/2015

North Carolina offers an expanded tax credit of 35% of the cost of renewable energy property constructed, purchased, or leased by a taxpayer and placed into service in the state during the taxable year. The credit is subject to various ceilings depending on whether the renewable energy equipment serves nonresidential or residential property; and, for residential property, the kind of renewable energy technology used. If the property serves a single-family dwelling, the credit is taken for the taxable year in which the property is placed in service. For all other property, the credit is taken in five equal installments beginning with the year the property is placed in service.

The credit can be taken against franchise tax, income tax or, if the taxpayer is an insurance company, against the gross premiums tax. The allowable credit cannot exceed 50% of the taxpayer’s tax liability for the year reduced by the sum of all other credits. The unused portion of the credit may be carried over for the next five succeeding years.

IED Commitment

Our goal is to build a long term working relationship with our clients by providing outstanding
drilling services at competitive prices. We aim for perfection in all of our services and will remain
flexible to accommodate your needs. We invite you to give IED the opportunity to bid on your
next project and promise you a prompt reply.