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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Jennifer Runyon has been studying and reporting about the world's transition to clean energy since 2007. As editor of the world's largest renewable energy publication, Renewable Energy World, she observed, interviewed experts about, and reported on major clean energy milestones including Germany's explosive growth of solar PV, the formation and development of the U.S. onshore wind industry, the U.K. offshore wind boom, China's solar manufacturing dominance, the rise of energy storage, the changing landscape for utilities and grid operators and much, much, more. Today, in addition to managing content on POWERGRID International, she also serves as the conference advisory committee chair for DISTRIBUTECH, a globally recognized conference for the transmission and distribution industry. You can reach her at Jennifer.Runyon@ClarionEvents.com

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