Geothermal Tax Credits for Greenville Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve always fancied? Well, this could be the time! The Bipartisan Budget Act of 2018, signed 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 will stay in effect 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 measured step-down in credit value is slated for each year thereafter, so if you want the initial 30% credit, you’ll have to move right away.Retrofit systems are considered “placed in service” when they’re completely 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, take occupancy of the home.It’s not required that this home be your principal place of residence. Your geothermal heat pump is required to meet federal ENERGY STAR recommendations.To receive the Residential Energy Efficient Property Credit, you should complete and file IRS Form 5695. For additional information, check out our blog as well as this WaterFurnace®-prepared piece, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at BARGA Heating, Air Conditioning & Refrigeration, Inc. would love to see you install a geothermal heating and cooling system for your Greenville home, we cannot legally suggest any financial tactics for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can advise you on how best to profit from geothermal tax credits taking into account your unique financial situation. If you’re eager to find out more about what other energy-related tax incentives might be available to you at the federal, state, and local levels, visit dsireusa.org. This is an unusual resource that provides state-by-state data on untold numbers of policies and incentives designed to stimulate renewable energy and energy efficiency. And bear in mind: When you finally decide to install a geothermal heating and cooling system in your home, see the Greenville geothermal gurus at BARGA Heating, Air Conditioning & Refrigeration, Inc.. We’ll do the job right – to help you start saving both energy and money right from the start.