Geothermal Tax Credits for Lime Springs Residents Looking for considerable savings on the installation of that geothermal heating and cooling system you’ve always dreamed of? Well, this could be your opportunity! 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 remains in effect from now through December 31, 2021.It offsets 30% of approved expenditures for systems placed in service between now and December 31, 2019. A progressive step-down in credit value is set up for each successive year, so if you’d like the total 30% credit, you’ll have to move swiftly.Retrofit systems are judged “placed in service” when they’re fully installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are counted as “placed in service” on the day you, the homeowner, first occupy the home.The home does not have to be your chief residence. Your geothermal heat pump has to comply with federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you’ll have to finish and file IRS Form 5695. For additional details, review our blog as well as this WaterFurnace®-developed piece, Understanding the Federal Incentives for Geothermal Heat Pumps. While we at Johnson Comfort Systems, Inc. would be delighted to see you purchase a geothermal heating and cooling system for your Lime Springs home, we cannot legally endorse any financial plan for doing so. We can, however, recommend that you consult with an area tax professional. He or she can advise you on how best to capitalize on geothermal tax credits considering your specific financial situation. If you want to discover more about what other energy-related tax incentives might be there for you at the federal, state, and local levels, visit dsireusa.org. This is a unique resource that’ll give you 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’ve made up your mind to install a geothermal heating and cooling system in your home, go with the Lime Springs geothermal specialists at Johnson Comfort Systems, Inc.. We’ll do the job right – to help you start saving both energy and money right from the start.