Geothermal Tax Credits for Columbus Residents Looking to save lots of cash on the installation of that geothermal heating and cooling system you’ve long dreamed of? Well, this could be the time! The Bipartisan Budget Act of 2018, signed 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 remains in effect from now through December 31, 2021.It pays back 30% of designated expenditures for systems placed in service between now and December 31, 2019. A gradual reduction in credit value is scheduled for each year thereafter, so if you’re after the complete 30% credit, you’ll have to take action quickly.Retrofit systems are judged “placed in service” when they’re totally installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are judged “placed in service” at the time you, the homeowner, take occupancy of the home.The home doesn’t have to be your principal place of residence. Your geothermal heat pump must fulfill all federal ENERGY STAR recommendations.To get the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For more specifics, read our blog as well as this WaterFurnace®-created handout, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Hottinger Geothermal would love to see you purchase a geothermal heating and cooling system for your Columbus home, we cannot legally lend our approval to any financial tactics for doing so. We can, however, recommend that you get together with a nearby tax professional. He or she can counsel you on how best to take advantage of geothermal tax credits taking into account your particular financial situation. If you’re eager to find out more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, go to dsireusa.org. This is an unusual resource that offers state-by-state information on thousands of policies and incentives designed to advance renewable energy and energy efficiency. And remember: When you’re ready to install a geothermal heating and cooling system in your home, depend on the Columbus geothermal pros at Hottinger Geothermal. We’ll do the job right – to help you start saving both energy and money right from the start.