Geothermal Tax Credits for Columbus Residents Looking to save big money 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, ratified in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Regarding the latter: This credit remains in effect 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 decrease in credit value is slated for each year following, so if you’d like the full 30% credit, you’ll have to take action fast.Retrofit systems are accepted as “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” on the date you, the homeowner, take occupancy of the home.It’s not required that this home be your main residence. Your geothermal heat pump is required to fulfill all federal ENERGY STAR specifications.To get the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For more specifics, check out our blog. While we at Patriot Air Comfort Systems would love to see you get a geothermal heating and cooling system for your Columbus home, we cannot legally prescribe any financial scheme for doing so. We can, however, recommend that you seek the services of a local tax professional. He or she can direct you on how best to profit from geothermal tax credits in light of your specific 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 one-of-a-kind resource that provides state-by-state information on scores of policies and incentives designed to stimulate renewable energy and energy efficiency. And don’t forget: When you finally decide on installing a geothermal heating and cooling system in your home, turn to the Columbus geothermal experts at Patriot Air Comfort Systems. We’ll get the job done right – to help you start saving both energy and money right from the start.