Geothermal Tax Credits for Williamsport Residents Looking to save big bucks 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, signed into law in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Pertaining to the latter: This credit will stay in effect from now through December 31, 2021.It rebates 30% of specified expenditures for systems placed in service between now and December 31, 2019. A measured reduction in credit value is set up for each year thereafter, so if you’re after the initial 30% credit, you’ll have to take action right away.Retrofit systems are accounted “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.It’s not a requirement that this home be your main residence. Your geothermal heat pump must meet federal ENERGY STAR criteria.To get the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For more specifics, review our blog as well as this WaterFurnace®-produced piece, Understanding the Federal Incentives for Geothermal Heat Pumps. While we at Hepler Geothermal Inc. would be delighted to see you get a geothermal heating and cooling system for your Williamsport home, we cannot legally support any financial strategy for doing so. We can, however, recommend that you get together with a local tax professional. He or she can educate you on how best to profit from geothermal tax credits taking into account your individual financial situation. If you’d like to discover more about what other energy-related tax incentives might be available to you at the federal, state, and local levels, check out dsireusa.org. This is an unusual resource that provides state-by-state intelligence on heaps of policies and incentives designed to stimulate renewable energy and energy efficiency. And remember: When you’ve committed yourself to install a geothermal heating and cooling system in your home, head on over to the Williamsport geothermal specialists at Hepler Geothermal Inc.. We’ll get the job done right – to help you start saving both energy and money right from the start.