South Carolina Governor Approves Tax Credits for Geothermal Heating-Cooling Systems

South Carolina Gov. Nikki Haley recently signed a law that establishes tax credits for geothermal system installations in the state.

According to the new law — H 3874 — geothermal systems are defined as machinery and equipment for use at a residence that is a heat pump that uses the ground or groundwater as a thermal energy source to heat a structure or as a thermal energy sink to cool a structure. The definition also requires geothermal systems to meet or exceed federal Energy Start requirements.

The tax credit is equal to 25 percent of a taxpayer’s costs for the purchase and installation of the geothermal system on a building in South Carolina and cannot exceed $3,500 for each tax year.

In addition, the law provides for tax credits for in-state solar power installations by homeowners and businesses.

The tax credits are effective Jan. 1, 2016.

Lead image credit: South Carolina Governor/Flickr

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