Geothermal Tax Credits for West Chester Residents Looking to save lots of dough 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 offsets 30% of approved expenditures for systems placed in service between now and December 31, 2019. A progressive decrease in credit value is set up for each year thereafter, so if you’d like the total 30% credit, you’ll have to act swiftly.Retrofit systems are accounted “placed in service” when they’re fully installed and ready for use. Systems for newly built or newly renovated homes are counted as “placed in service” at the time you, the homeowner, first settle into the home.The home doesn’t have to be your principal place of residence. Your geothermal heat pump has to fulfill all federal ENERGY STAR specifications.To get the Residential Energy Efficient Property Credit, you should finish and file IRS Form 5695. For more specifics, see our blog as well as this WaterFurnace®-generated circular, Understanding the Federal Incentives for Geothermal Heat Pumps. While we at Sinton Air Conditioning & Heating, Inc. would love to see you get a geothermal heating and cooling system for your West Chester home, we cannot legally sanction any financial tactics for doing so. We can, however, recommend that you get together with an area tax professional. He or she can advise you on how best to capitalize on geothermal tax credits taking into account your particular financial situation. If you’re eager to discover 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 a unique resource that’ll give you state-by-state information on thousands of policies and incentives advancing renewable energy and energy efficiency. And remember: When you finally decide to install a geothermal heating and cooling system in your home, call on the West Chester geothermal specialists at Sinton Air Conditioning & Heating, Inc.. We’ll do the job right – to help you start saving both energy and money right from the start.