Geothermal Tax Credits for Hattiesburg Residents Looking to save big money on the installation of that geothermal heating and cooling system you’ve always dreamed about? Well, this could be your opportunity! The Bipartisan Budget Act of 2018, signed into law in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Relative to the latter: This credit applies from now through December 31, 2021.It covers 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A gradual reduction in credit value is set up for each successive year, so if you’d like the total 30% credit, you’ll have to move fast.Retrofit systems are considered “placed in service” when they’re completely installed and ready for use. Systems for newly built or newly renovated homes are regarded as “placed in service” at the time you, the homeowner, take occupancy of the home.The home does not have to be your chief residence. Your geothermal heat pump is required to satisfy federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you should fill out 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. Though it’s a given that we at BC's Heating and Air would love to see you install a geothermal heating and cooling system for your Hattiesburg home, we cannot legally suggest any financial strategy for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can instruct you on how best to capitalize on geothermal tax credits considering your individual 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 has state-by-state facts on literally 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, depend on the Hattiesburg geothermal professionals at BC's Heating and Air. We’ll do the job right – to help you start saving both energy and money right from the start.