Geothermal Tax Credits for Kearney Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve long fancied? Well, this could be your lucky day! 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. As far as the latter are concerned: This credit will be in effect from now through December 31, 2021.It rebates 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 initial 30% credit, you’ll have to act fast.Retrofit systems are accounted “placed in service” when they’re totally installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are accounted “placed in service” on the date you, the homeowner, take occupancy of the home.The home does not have to be your main residence. Your geothermal heat pump must fulfill all federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you must finish and file IRS Form 5695. For additional details, read our blog as well as this WaterFurnace®-developed circular, Understanding the Federal Incentives for Geothermal Heat Pumps. Though we at Axmann Heating & Air Conditioning would love to see you purchase a geothermal heating and cooling system for your Kearney home, we cannot legally support any financial plan for doing so. We can, however, recommend that you meet with a local tax professional. He or she can direct you on how best to profit from geothermal tax credits given your singular financial situation. If you want to discover 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 offers state-by-state information on untold numbers of policies and incentives advancing renewable energy and energy efficiency. And keep in mind: When you’ve committed yourself to install a geothermal heating and cooling system in your home, go with the Kearney geothermal experts at Axmann Heating & Air Conditioning. We’ll get the job done right – to help you start saving both energy and money right from the start.