Geothermal Tax Credits for Greater Cincinnati Residents Looking for big savings on the installation of that geothermal heating and cooling system you’ve always longed for? Well, this could be the time! 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 rebates 30% of approved expenditures for systems placed in service between now and December 31, 2019. A gradual step-down in credit value is slated for each successive year, so if you’d like the complete 30% credit, you’ll have to act right away.Retrofit systems are counted as “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are judged “placed in service” at the time you, the homeowner, first occupy the home.It’s not necessary that this home be your primary place of residence. Your geothermal heat pump must comply with federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you should complete and file IRS Form 5695. For more specifics, take a look at our blog. While we at Bill Spade Electric, Heating & Cooling would be pleased to see you install a geothermal heating and cooling system for your Greater Cincinnati home, we cannot legally sanction any financial scheme for doing so. We can, however, recommend that you seek the services of an area tax professional. He or she can advise you on how best to capitalize on geothermal tax credits considering your particular financial situation. If you’d like to learn more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, go to dsireusa.org. This is a one-of-a-kind resource that has state-by-state facts on literally thousands of policies and incentives furthering renewable energy and energy efficiency. And bear in mind: When you’ve finally decided to install a geothermal heating and cooling system in your home, go with the Greater Cincinnati geothermal pros 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.