We installed a geothermal in Nov 2008 and took the max credit of $2k, then they changed the tax credit to %30 for 2009. I am doing my taxes now and I see that there is a carryforward tax credit for geos installed in 2008...does anyone know anything about this???

The carryover is for any of the $2000 you couldn't take in 2008. So if you only owed $1500 in taxes for 2008 then you could have only taken a $1500 credit and you could take the $500 remaining this year.

I see, so I cannot go beyond $2k to the full 30%?

Are you sure that you are eligible for the 2009 tax credit program for a geo bought and installed in 2008? You might want to review the criteria/requirements for the program that began in 2009. I don't recall seeing anything indicating that it is retroactive.

Your Hosed, just like me. I install a geothermal system in Oct. 2008, if I installed in 2009, my tax write off would have been $4,500 and a Zero percent loan from the state (I got 6%), I purchased a house in Oct. 2007, and now they are offering 8k tax credit for buying (and the houses cost less too), I brought all new appliances in 2008, and now in 2009 they are offering rebates on appliances, I got married in 2006 and later that year a Hot girl I knew broke up with her boyfriend became single, During the Dot.Com bubble I sold stock that I purchased the day before, it doubled in price the next day. (after I sold it). My life has been a series of poor timings and missed opportunities.

 

How much:

30% of the cost (including installation/labor costs), with no upper limit.

Timing:

Tax credit in effect in through 2016. Must be installed in a home you own and use as a residence (no rentals, but second homes qualify) between January 1, 2009 and December 31, 2016.

Details:

Must meet the requirements of the ENERGY STAR program which are in effect at the time that the expenditure for such equipment is made.

What parts of a geothermal heat pump are covered by the tax credit?

As of December 1, 2009, geothermal heat pumps are no longer required to provide some or all of the domestic water heating.

As of December 1, 2009, water-to-water geothermal heat pumps can qualify for the tax credit.

Find qualified models:

All ENERGY STAR qualified geothermal heat pumps are eligible for the tax credit:

ENERGY STAR Qualified Product List [Excel] [pdf]
How to apply:

File Tax Form 5695 with your tax return.

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