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 your chance! The Bipartisan Budget Act of 2018, signed 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 will stay in effect from now through December 31, 2021.It pays back 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A progressive step-down in credit value is scheduled 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 constru|ere]36]cted or newly renovated homes are judged “placed in service” at the time you, the homeowner, take occupancy of the home.It’s not a requirement that this home be your main residence. Your geothermal heat pump must 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 as well as this WaterFurnace®-generated circular, Understanding the Federal Incentives for Geothermal Heat Pumps. While we at Patriot Air Comfort Systems would be thrilled to see you install a geothermal heating and cooling system for your Columbus home, we cannot legally suggest any financial tactics for doing so. We can, however, recommend that you speak with a nearby tax professional. He or she can counsel you on how best to profit from geothermal tax credits considering your specific financial situation. If you’d like to learn more about what other energy-related tax incentives might be applicable 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 designed to stimulate renewable energy and energy efficiency. And don’t forget: When you’re ready to install a geothermal heating and cooling system in your home, go with the Columbus geothermal specialists 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.