Geothermal Tax Credits for Greene County Residents

Looking for considerable savings on the installation of that geothermal heating and cooling system you’ve long fancied? Well, this could be your opportunity!

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 applies from now through December 31, 2021.
  • It rebates 30% of approved expenditures for systems placed in service between now and December 31, 2019.
  • A gradual reduction in credit value is set up for each year thereafter, so if you want the initial 30% credit, you’ll have to act swiftly.
  • Retrofit systems are accepted as “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.
  • It’s not necessary that this home be your primary place of residence.
  • Your geothermal heat pump has to satisfy federal ENERGY STAR recommendations.
  • To claim the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695.

For further information, read our blog as well as this WaterFurnace®-prepared circular, Understanding the Federal Incentives for Geothermal Heat Pumps.

Though we at Kool-Temp Heating & Cooling Inc. would love to see you install a geothermal heating and cooling system for your Greene County home, we cannot legally lend our approval to any financial tactics for doing so. We can, however, recommend that you consult with a local tax professional. He or she can counsel you on how best to capitalize on geothermal tax credits considering your singular financial situation.

If you want to find out 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 an unusual resource that’ll give you state-by-state data on thousands of policies and incentives furthering  renewable energy and energy efficiency.

And don’t forget: When you’re ready to install a geothermal heating and cooling system in your home, go with the Greene County geothermal pros at Kool-Temp Heating & Cooling Inc.. We’ll get the job done right – to help you start saving both energy and money right from the start.