Geothermal Tax Credits for Burlington Residents Looking to save lots of money 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 will be in effect from now through December 31, 2021.It offsets 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019. A measured decrease in credit value is set up for each year thereafter, so if you want the total 30% credit, you’ll have to act right away.Retrofit systems are accounted “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are accepted as “placed in service” on the day you, the homeowner, take occupancy of the home.It’s not required that this home be your chief residence. Your geothermal heat pump has to comply with federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you’ll have to finish and file IRS Form 5695. For additional information, review our blog as well as this WaterFurnace®-generated bulletin, Understanding the Federal Incentives for Geothermal Heat Pumps. While we at Crabbe Service would love to see you install a geothermal heating and cooling system for your Burlington home, we cannot legally endorse any financial tactics for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can instruct you on how best to profit from geothermal tax credits taking into account your singular financial situation. If you’re eager to discover more about what other energy-related tax incentives might be applicable to you at the federal, state, and local levels, check out dsireusa.org. This is a unique resource that’ll give you state-by-state intelligence on heaps of policies and incentives promoting renewable energy and energy efficiency. And don’t forget: When you’ve finally decided to install a geothermal heating and cooling system in your home, go with the Burlington geothermal professionals at Crabbe Service. We’ll get the job done right – to help you start saving both energy and money right from the start.