Geothermal Tax Credits for Greater Cincinnati Residents Looking to save money on the installation of that geothermal heating and cooling system you’ve always dreamed of? Well, this could be your lucky day! The Bipartisan Budget Act of 2018, approved 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 applies from now through December 31, 2021.It rebates 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A progressive decrease in credit value is set up for each successive year, so if you want the initial 30% credit, you’ll have to act quickly.Retrofit systems are judged “placed in service” when they’re totally installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are accepted as “placed in service” on the day you, the homeowner, take occupancy of the home.It’s not necessary that this home be your primary place of residence. Your geothermal heat pump is required to satisfy federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you’ll have to finish and file IRS Form 5695. For additional details, take a look at our blog as well as this WaterFurnace®-prepared circular, Understanding the Federal Incentives for Geothermal Heat Pumps. While it’s certainly true that we at Bill Spade Electric, Heating & Cooling would be happy to see you get a geothermal heating and cooling system for your Greater Cincinnati home, we cannot legally prescribe any financial scheme for doing so. We can, however, recommend that you seek the services of an area tax professional. He or she can educate you on how best to take advantage of geothermal tax credits taking into account your singular financial situation. If you’re eager to learn 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 an unusual resource that provides state-by-state information on literally thousands of policies and incentives championing renewable energy and energy efficiency. And keep in mind: When you’ve made up your mind to install a geothermal heating and cooling system in your home, go with the Greater Cincinnati geothermal specialists at Bill Spade Electric, Heating & Cooling. We’ll do the job right – to help you start saving both energy and money right from the start.