Geothermal Tax Credits for Pine County Residents Looking to save big money on the installation of that geothermal heating and cooling system you’ve always longed for? 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. Regarding the latter: This credit remains in effect from now through December 31, 2021.It offsets 30% of specified expenditures for systems placed in service between now and December 31, 2019. A progressive reduction in credit value is set up for each year thereafter, so if you’re after the complete 30% credit, you’ll have to act fast.Retrofit systems are counted as “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are judged “placed in service” at the time you, the homeowner, take occupancy of the home.The home does not have to be your principal place of residence. Your geothermal heat pump must satisfy federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you’ll have to fill out and file IRS Form 5695. For more specifics, check out our blog. While we at Willow River Geothermal would be delighted to see you get a geothermal heating and cooling system for your Pine County home, we cannot legally suggest any financial tactics for doing so. We can, however, recommend that you consult with an area tax professional. He or she can instruct you on how best to capitalize on geothermal tax credits taking into account your specific financial situation. If you want to learn more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, check out dsireusa.org. This is a one-of-a-kind resource that has state-by-state intelligence on untold numbers of policies and incentives promoting renewable energy and energy efficiency. And don’t forget: When you finally decide to install a geothermal heating and cooling system in your home, turn to the Pine County geothermal gurus at Willow River Geothermal . We’ll do the job right – to help you start saving both energy and money right from the start.