Geothermal Tax Credits for Hart Residents Looking to save lots of cash on the installation of that geothermal heating and cooling system you’ve always wanted? Well, this could be your lucky day! The Bipartisan Budget Act of 2018, signed into law in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. As far as the latter are concerned: This credit remains in effect from now through December 31, 2021.It pays back 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019. A gradual reduction in credit value is set up for each subsequent year, so if you’re seeking the initial 30% credit, you’ll have to move fast.Retrofit systems are accepted as “placed in service” when they’re fully installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are regarded as “placed in service” at the time you, the homeowner, first inhabit the home.It’s not a requirement that this home be your chief residence. Your geothermal heat pump has to satisfy federal ENERGY STAR specifications.To receive the Residential Energy Efficient Property Credit, you’ll need to finish and file IRS Form 5695. For more specifics, see our blog as well as this WaterFurnace®-produced piece, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Adams Heating & Cooling II would love to see you install a geothermal heating and cooling system for your Hart home, we cannot legally support any financial plan for doing so. We can, however, recommend that you meet with a local tax professional. He or she can counsel you on how best to profit from geothermal tax credits in light of your singular financial situation. If you’re eager to find out more about what other energy-related tax incentives might be applicable to you at the federal, state, and local levels, visit dsireusa.org. This is an unusual resource that has state-by-state data on heaps of policies and incentives advancing renewable energy and energy efficiency. And don’t forget: When you finally decide on installing a geothermal heating and cooling system in your home, depend on the Hart geothermal gurus at Adams Heating & Cooling II. We’ll get the job done right – to help you start saving both energy and money right from the start.