Geothermal Tax Credits for Defiance Residents Looking for big savings on the installation of that geothermal heating and cooling system you’ve long wanted? Well, this could be your lucky day! 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. As far as the latter are concerned: This credit applies from now through December 31, 2021.It pays back 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019. A measured reduction in credit value is scheduled for each year following, so if you’d like the total 30% credit, you’ll have to take action swiftly.Retrofit systems are regarded as “placed in service” when they’re completely installed and ready for use. Systems for newly built or newly renovated homes are judged “placed in service” on the date you, the homeowner, take occupancy of the home.It’s not necessary that this home be your main residence. Your geothermal heat pump has to satisfy federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For additional details, take a look at our blog. Even though we at Schlatters Plumbing Heating & AC would like to see you purchase a geothermal heating and cooling system for your Defiance home, we cannot legally endorse any financial tactics for doing so. We can, however, recommend that you seek the services of an area tax professional. He or she can advise you on how best to capitalize on geothermal tax credits considering your singular financial situation. If you’d like to discover more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, look at dsireusa.org. This is a one-of-a-kind resource that provides state-by-state data on literally thousands of policies and incentives championing renewable energy and energy efficiency. And don’t forget: When you’ve made up your mind to install a geothermal heating and cooling system in your home, call on the Defiance geothermal experts at Schlatters Plumbing Heating & AC. We’ll get the job done right – to help you start saving both energy and money right from the start.