Geothermal Tax Credits for Mountain Home Residents Looking for significant savings on the installation of that geothermal heating and cooling system you’ve always longed for? Well, this could be your chance! 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. Relative to the latter: This credit applies from now through December 31, 2021.It covers 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019. A gradual decrease in credit value is slated for each year thereafter, so if you’re seeking the full 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 accounted “placed in service” on the date you, the homeowner, first inhabit the home.The home doesn’t have to be your principal place of residence. Your geothermal heat pump is required to satisfy federal ENERGY STAR specifications.To get the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For more specifics, review our blog as well as this WaterFurnace®-generated circular, Understanding the Federal Incentives for Geothermal Heat Pumps. While it’s certainly true that we at Custom Heating & Cooling Inc. would be thrilled to see you install a geothermal heating and cooling system for your Mountain Home home, we cannot legally endorse any financial scheme for doing so. We can, however, recommend that you consult with a local tax professional. He or she can direct you on how best to capitalize on geothermal tax credits in light of your individual financial situation. If you want to find out more about what other energy-related tax incentives might be applicable to you at the federal, state, and local levels, check out dsireusa.org. This is a one-of-a-kind resource that provides state-by-state data on literally thousands of policies and incentives promoting renewable energy and energy efficiency. And remember: When you’re ready to install a geothermal heating and cooling system in your home, depend on the Mountain Home geothermal experts at Custom Heating & Cooling Inc.. We’ll do the job right – to help you start saving both energy and money right from the start.