Geothermal Tax Credits for Green Bay Residents Looking for significant savings on the installation of that geothermal heating and cooling system you’ve always wanted? Well, this could be your lucky day! The Bipartisan Budget Act of 2018, ratified 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 covers 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A progressive reduction in credit value is set up for each succeeding year, so if you want the total 30% credit, you’ll have to act fast.Retrofit systems are considered “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are regarded as “placed in service” on the day you, the homeowner, first occupy the home.It’s not required that this home be your primary place of residence. Your geothermal heat pump is required to satisfy federal ENERGY STAR criteria.To claim the Residential Energy Efficient Property Credit, you’ll need to finish and file IRS Form 5695. For more specifics, review our blog as well as this WaterFurnace®-created handout, Understanding the Federal Incentives for Geothermal Heat Pumps. While we at Action Heating & Cooling Services, LLC would be thrilled to see you get a geothermal heating and cooling system for your Green Bay home, we cannot legally prescribe any financial tactics for doing so. We can, however, recommend that you seek out an area tax professional. He or she can counsel you on how best to profit from geothermal tax credits considering your specific financial situation. If you want to discover 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 an unusual resource that offers state-by-state facts on untold numbers of policies and incentives designed to advance renewable energy and energy efficiency. And bear in mind: When you’re ready to install a geothermal heating and cooling system in your home, go with the Green Bay geothermal experts at Action Heating & Cooling Services, LLC. We’ll get the job done right – to help you start saving both energy and money right from the start.