Geothermal Tax Credits for Port Washington Residents Looking to save lots of dough on the installation of that geothermal heating and cooling system you’ve long dreamed about? Well, this could be your chance! 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 will stay in effect from now through December 31, 2021.It offsets 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019. A gradual reduction in credit value is set up for each succeeding year, so if you’d like the full 30% credit, you’ll have to take action quickly.Retrofit systems are judged “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” on the date you, the homeowner, first occupy the home.It’s not necessary that this home be your primary place of residence. Your geothermal heat pump must fulfill all federal ENERGY STAR specifications.To get the Residential Energy Efficient Property Credit, you’ll need to complete and file IRS Form 5695. For more specifics, review our blog as well as this WaterFurnace®-prepared piece, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s obvious that we at Professional Geothermal Systems would like to see you purchase a geothermal heating and cooling system for your Port Washington home, we cannot legally prescribe any financial strategy for doing so. We can, however, recommend that you get together with a local tax professional. He or she can instruct you on how best to capitalize on geothermal tax credits in light of your particular financial situation. If you’re eager to find out more about what other energy-related tax incentives might be there for you at the federal, state, and local levels, check out dsireusa.org. This is an unusual resource that offers state-by-state facts on thousands of policies and incentives designed to stimulate renewable energy and energy efficiency. And bear in mind: When you’ve made up your mind to install a geothermal heating and cooling system in your home, call on the Port Washington geothermal gurus at Professional Geothermal Systems. We’ll do the job right – to help you start saving both energy and money right from the start.