Geothermal Tax Credits for Beatrice Residents Looking for big savings on the installation of that geothermal heating and cooling system you’ve long fancied? Well, this could be the time! 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 will be 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 decrease in credit value is slated for each successive year, so if you’re after the complete 30% credit, you’ll have to take action swiftly.Retrofit systems are considered “placed in service” when they’re totally installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are counted as “placed in service” on the day you, the homeowner, first settle into the home.The home doesn’t have to be your main residence. Your geothermal heat pump is required to comply with federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you’ll need to finish and file IRS Form 5695. For more specifics, check out our blog as well as this WaterFurnace®-prepared circular, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Noakes Heating & Air would love to see you purchase a geothermal heating and cooling system for your Beatrice home, we cannot legally suggest any financial scheme for doing so. We can, however, recommend that you talk with a local tax professional. He or she can advise you on how best to profit from geothermal tax credits given your individual financial situation. If you’d like to find out more about what other energy-related tax incentives might be there for you at the federal, state, and local levels, visit dsireusa.org. This is a one-of-a-kind resource that offers state-by-state intelligence on untold numbers of policies and incentives designed to advance renewable energy and energy efficiency. And remember: When you’ve committed yourself to install a geothermal heating and cooling system in your home, depend on the Beatrice geothermal pros at Noakes Heating & Air. We’ll get the job done right – to help you start saving both energy and money right from the start.