Geothermal Tax Credits for Western North Carolina Residents Looking for major savings on the installation of that geothermal heating and cooling system you’ve always dreamed of? Well, this could be the time! The Bipartisan Budget Act of 2018, passed 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 applies from now through December 31, 2021.It pays back 30% of specified expenditures for systems placed in service between now and December 31, 2019. A progressive decrease in credit value is set up for each year following, so if you’d like the full 30% credit, you’ll have to take action fast.Retrofit systems are counted as “placed in service” when they’re fully installed and ready for use. Systems for newly built or newly renovated homes are considered “placed in service” at the time you, the homeowner, first settle into the home.The home needn’t be your main residence. Your geothermal heat pump must fulfill all federal ENERGY STAR specifications.To receive the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For further information, take a look at our blog as well as this WaterFurnace®-developed piece, Understanding the Federal Incentives for Geothermal Heat Pumps. Though we at Bullman Heating & Air would be pleased to see you get a geothermal heating and cooling system for your Western North Carolina home, we cannot legally support any financial plan for doing so. We can, however, recommend that you seek out an area tax professional. He or she can advise you on how best to capitalize on geothermal tax credits given your unique financial situation. If you’d like to find out 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 facts on literally thousands of policies and incentives promoting renewable energy and energy efficiency. And don’t forget: When you finally decide on installing a geothermal heating and cooling system in your home, see the Western North Carolina geothermal pros at Bullman Heating & Air. We’ll get the job done right – to help you start saving both energy and money right from the start.