Geothermal Tax Credits for Rochester Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve always wanted? 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. As far as the latter are concerned: This credit remains in effect from now through December 31, 2021.It covers 30% of specified expenditures for systems placed in service between now and December 31, 2019. A measured step-down in credit value is slated for each subsequent year, so if you’re anxious to get the complete 30% credit, you’ll have to act fast.Retrofit systems are counted as “placed in service” when they’re fully installed and ready for use. Systems for newly built or newly renovated homes are considered “placed in service” on the date you, the homeowner, first settle into the home.The home does not have to be your chief residence. Your geothermal heat pump has to comply with federal ENERGY STAR recommendations.To claim the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For further details, review our blog as well as this WaterFurnace®-developed bulletin, Understanding the Federal Incentives for Geothermal Heat Pumps. While it’s certainly true that we at Earth Energy Heating & Cooling Inc. would be delighted to see you get a geothermal heating and cooling system for your Rochester home, we cannot legally prescribe any financial plan for doing so. We can, however, recommend that you meet with a local tax professional. He or she can advise you on how best to take advantage of geothermal tax credits given your singular financial situation. If you’re eager to discover 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 a one-of-a-kind resource that’ll give you state-by-state intelligence on thousands of policies and incentives encouraging renewable energy and energy efficiency. And don’t forget: When you finally decide on installing a geothermal heating and cooling system in your home, see the Rochester geothermal specialists at Earth Energy Heating & Cooling Inc.. We’ll do the job right – to help you start saving both energy and money right from the start.