Financing A Geothermal System

FINANCING - REBATES - TAX CREDITS

Financing and financial assistance is available to help pay the cost of  your geothermal installation. At Inner Earth Energy we will assist you in getting the rebates and tax credits as well as any financing you may need. Here are some options available for financing your Geothermal system.

Minnesota Housing Finance Agency (MHFA) Fix-Up Loan 
To qualify you must have an income of under $90,000 and the property must be owner occupied. The property can be a single unit up to a four unit building.
The maximum loan amount is $35,000. The current interest rate is 7.25%. Your loan can be amortized for up to twenty years, enabling you to establish fixed monthly payments that work with your budget. You will incur no closing costs, and you will not need an appraisal of your property. Click here to download the loan application. Learn more about this program here.

Home Equity Loan/Line of Credit
Finance your geothermal installation using a home equity loan from your local bank. Bremer Bank in the Twin Cities offers several options for lines of credit. Bremer offers a second mortgage program at a competitive rate (7.5% as of August 2006) as well as an unsecured loan program. Rates are subject to credit approval and will be determined based on your credit history. To inquire, contact a Bremer branch in your area or call Robert Morse at 651-762-2406.

Commercial Building Financing Programs
The Minnesota Department of Commerce has set up an Energy Investment Loan Program to help finance geothermal systems for schools, hospitals and other government buildings. The program will pay for 50% of the interest expense incurred on a loan for a new installation.
To find out more click here.

Utility Rebate Programs
Most utility companies including Xcel Energy and Minnesota Power offer rebates specific to geothermal. Your Inner Earth Energy consultant will assist you in obtaining any rebates available from the utility companies in your area. We are actively working with several utilities to increase the incentive to install geothermal systems. 

Residential Energy Efficiency Tax Credit
The Energy Policy Act of 2005 established tax credits for energy efficiency improvements. Geothermal heat pumps are eligible for a tax credit of $300.00. To learn more, go to www.dsireusa.org or phone an IRS Information Specialist at (800)-829-1040.
To find out more click here.