Geothermal Tax Credits for Hattiesburg Residents Looking for major savings on the installation of that geothermal heating and cooling system you’ve always longed for? Well, this could be the time! The Bipartisan Budget Act of 2018, approved in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Pertaining to the latter: This credit will stay in effect from now through December 31, 2021.It covers 30% of approved expenditures for systems placed in service between now and December 31, 2019. A gradual reduction in credit value is slated for each year thereafter, so if you want the total 30% credit, you’ll have to move right away.Retrofit systems are counted as “placed in service” when they’re completely installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are counted as “placed in service” at the time you, the homeowner, first inhabit the home.The home doesn’t have to be your principal place of residence. Your geothermal heat pump must comply with federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For further information, read our blog. Even though we at BC's Heating and Air would be happy to see you purchase 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 speak with a local tax professional. He or she can advise you on how best to profit from geothermal tax credits considering your individual financial situation. If you want to learn more about what other energy-related tax incentives might be applicable to you at the federal, state, and local levels, go to dsireusa.org. This is a unique resource that has state-by-state data on thousands of policies and incentives designed to stimulate renewable energy and energy efficiency. And keep in mind: When you’re ready to install a geothermal heating and cooling system in your home, turn to the Hattiesburg geothermal professionals at BC's Heating and Air. We’ll get the job done right – to help you start saving both energy and money right from the start.