FOR IMMEDIATE RELEASE
Novemebr 1, 2013
Québec: New Green Retrofit Tax Credit topped at $10,000
Quebec Government announced on October 7, 2013 the establishment of a 20 % green income tax credit for the replacement of fossil fuel heating systems with renewable energy systems such as geothermal heat pumps. The maximum tax credit is set at $10,000. For example, a $25,000 geothermal heat pump system could qualify for a $5,000 income tax credit.
The program requires the geothermal heat pump installation to be performed by a CGC qualified firm and the system to be certified by the Canadien GeoExchange Coalition (CGC). The tax credit will be in place for a period of one year, starting October 7, 2013.
In December 2012, the Quebec Government increased the financial assistance offered through its Rénoclimat program. For the replacement of residential heating systems using heating oil or propane, the financial assistance was increased to $5,365. For the replacement of electric baseboards or electric furnaces, the financial assistance was increased to $2,115. The normative framework of the Rénoclimat program is scheduled to end on December 18, 2015. Also, ground source heat pump installations must be CGC certified to receive the Rénoclimat grants.
The same geothermal heat pump installation qualifies for both the Rénoclimat grants and for the new green income tax credit.
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GeoSmart Energy is a leading geothermal heating and cooling supplier to residential and commercial markets. As one of the largest purveyors of geothermal technology and training, GeoSmart is continually asked globally for their knowledge and geothermal implementation expertise. Visit us at www.geosmartenergy.com
Chad Brezynskie, VP Sales & Marketing
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