In addition to long-term energy cost savings, farmers and small business owners can take advantage of accelerated depreciation on geothermal equipment.
The entire system qualifies for Class 43.2 Capital Cost Allowance (CCA). This allows you to write off 25% in year one and 50% of the declining balance in the following tax years.
The cost of the entire installation is eligible for Class 43.2 including drilling, geothermal loop and geothermal furnace. You can also write off radiant floor heat or duct-work, basically anything needed to get the system working.
You can write off over 80% of your investment within 3 years!
Talk to your accountant and crunch the numbers. Why not save money on energy, make your business environmentally friendly and take advantage of some great tax benefits?